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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Donald Wennerstrom who wrote (7379)	12/2/2002 8:58:38 AM
From: Return to Sender	Respond to of 95515

From Briefing.com: CSCO Cisco Systems downgraded at RBC (14.92) RBC Capital downgrades to Sector Perform from Outperform ahead of tomorrow's analyst day, citing caution over the current valuation and the top-line outlook; price target is $15. ICST Integrated Circuit downgraded at Bear Stearns (23.28) Bear Stearns downgrades to Peer Perform from Outperform based on expectations that ICST's share gains in the PC mkt will slow over the next few quarters; cuts FY03 est to $0.86 from $0.89 and FY04 to $1.11 from $1.19, and believes that now would be an opportune time to take profits. ISIL Intersil upgraded at Bear Stearns (17.28) Bear Stearns upgrades to Outperform from Peer Perform, saying they believe the ramp of 802.11g WLAN products is likely to be strong in 2003 and that ISIL is likely to benefit as it distances itself from much of its competition; raises 2003 est to $0.91 from $0.84. 7:50AM Nokia upgraded at Merrill Lynch, Morgan Stanley upgrades sector : Merrill Lynch upgrades NOK to Buy from Hold and raises their 2003 handset est to 474 mln from 410 mln, vs co's est of 460 mln. Separately, Morgan Stanley upgrades the wireless industry to Attractive from Cautious, saying they expect the mkt to look more favorably on the wireless co's now that free cash flow is on the horizon, despite intense competition; raises AWE price target to $11 from $10 and says the stock is their top pick. 7:13AM Intel, AMD upgraded at Lehman : Lehman upgrades INTC to Overweight from Equal-Weight and AMD to Equal-Weight from Underweight based on the following factors: 1) improving corporate profits should drive increased business investment, 2) the installed base continues to age with about 180 mln PCs over 4 yrs old, and 3) Win95 enters end of life at the end of this year and Windows 98 and NT4.x enters the non-support phase for MSFT on June 30. finance.yahoo.com^SOXX+ALTR+AMAT+AMD+BRCM+CSCO+ICST+ISIL+INTC+KLAC+LLTC+LSCC+LSI+MOT+MU+MXIM+NOK+NSM+NVLS+TER+TXN+XLNX+^IXIC+^NDX+^SPX+^VIX+SMH&d=t Moving way up at the open Don. RtS

To: Donald Wennerstrom who wrote (7379)	12/2/2002 9:05:01 AM
From: Alastair McIntosh	Read Replies (1) \| Respond to of 95515

CSFB Tech Daily - October SIA: Unit Growth Remains Muted • Worldwide semiconductor revenue grew by 1.8% on a 3-month moving average basis (3MMA) and seasonally declined 18.6% on a single-month basis in October. Unit growth (3MMA) dipped back into the negative by declining 1% after a flat September. ASPs showed positive growth for the fourth consecutive month, posting a 2.8% rise on a 3MMA basis. • Analog: Across the board, the numbers suggest less than seasonal growth in all analog segments in October. Units and revenue were down 10.4% and 10.4% while pricing was up 0.2% on an absolute month-over-month basis in October, compared to typical seasonality of down 6.2%, 5.1%, and up 1.2%. Standard Linear units (down 11.7%) under-performed Application Specific units (down 8.3%), but showed more pricing strength (up 3.0% vs. down 3.2%). • DRAM: DRAM revenues increased another 1% in October, driven purely by unit increases as ASPs remained relatively flat month-over-month, on a 3-month moving average basis. The DRAM spot-market shows similar ASP trends through October, though DDR ASPs were increasing while SDRAM ASPs have been decreasing, yielding DDR premiums well over 200%. • MPU: As anticipated during a seasonally strong month, MPU revenues increased 6.4% sequentially during October, on a 3MMA basis, as ASPs and units both increased ~3%. This is in-line with historical 10-year average MPU revenue growth rate for the month of October, which is up 6.5% on a 3MMA basis, however better than the 5-year avg. growth rate of 4.5%. • Wireless: Wireless DSP units, revenue and ASPs in October were down 21.7%, 29.0% and 9.3%, respectively on an absolute m/m basis. Wireless analog units, rev, and ASPs were down 3.0%, 7.8% and 4.9% on an absolute m/m basis. This wireless DSP and analog data is a bit surprising given positive supply commentary suggesting builds continued strong through Oct and Nov. • We remain market-weight on the semiconductor sector and continue to favor high-end analog and unit driven diversified companies with broad end-market and broad product exposure. Our stock picks are as follows: Large cap: STM, LLTC, and MXIM; Mid cap: MCHP and MRVL; Small cap: ICST. However, due to the recent run-up in share prices (SOX Semi Index is up 75% since hitting a 52-week low on October 9), we think many of our stocks are fully valued.

To: Donald Wennerstrom who wrote (7379)	12/3/2002 10:31:45 AM
From: Sam Citron	Read Replies (1) \| Respond to of 95515

Beyond silicon? Xerox Says New Material Will Allow Plastic Transistors By JOHN MARKOFF Xerox technologist will describe a new material today that allows the creation of "printed" plastic transistors, which the company says could one day make possible inexpensive, lightweight and flexible displays for cellphones, laptops and televisions. The advance will be detailed in a paper to be presented at the Materials Research Conference in Boston by Beng Ong, a research fellow at Xerox Research Center of Canada in Mississauga, Ontario. He will describe an experimental polymer that can be used to make organic transistors on a plastic substrate. "We believe polymers will be much easier and lower cost to manufacture," said Tony Paine, an executive at Xerox's innovation group in Toronto. He said that a near-term commercial application for the new material could be in the manufacturing of the transistors that serve as the drivers for liquid crystal displays, like those used in phones and personal digital assistants, or P.D.A.'s. "Think about the value of a laptop or cellphone display that you could drop without breaking," said Raj Apte, a member of the research staff at Xerox's Palo Alto Research Center. "Making a cellphone or a P.D.A. that you could sit on is a no-brainer." The new material is promising, Xerox researchers said yesterday, because it will potentially have the electronic properties of silicon while also being slow to degrade in the presence of oxygen. Earlier organic semiconductors were impractical because they decayed when exposed to air. The material, polythiophene, has achieved performance on electronics benchmarks that is an order of magnitude greater than current polymer materials. Xerox researchers said the company envisioned a new electronics manufacturing process on roll-to-roll machinery, which is now used in publishing and in the manufacturing of solar cells. Under a grant from the National Institute for Standards and Technology, the Palo Alto Research Center is experimenting with Dow Chemical and Motorola to create a manufacturing process based on roll-to-roll material handling and depositing that would form the polymer material into circuit patterns using ink jets. Currently, silicon-based microelectronic devices are made using a photo-lithographic manufacturing process that involves depositing and chemically etching materials on a rigid silicon substrate. Other researchers in the field said plastic semiconductors that could be printed in high volume and low cost were a hot area for research and commercial activity. "I'm aware of six or eight companies trying to make these transistors," said Dr. Michael D. McCreary, vice president for research and development at E Ink, a display manufacturer in Cambridge, Mass. He said that his company planned to commercialize its first display next year and that it had created a prototype plastic display in partnership with Lucent Technologies. nytimes.com

To: Donald Wennerstrom who wrote (7379)	12/4/2002 5:04:52 PM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 95515

It has been a rough 3 days for the market. I thought a mid-week update would be interesting. The Group is down 10 percent for the last 3 days as well as the SOX, while the NASDAQ is down 3 percent. 11/29/02 12/4/02 CLOSE CLOSE PERCENT SYMBOL PRICE PRICE CHANGE MTSN 3.50 3.55 1 NANO 5.76 5.54 -4 COHU 15.50 14.70 -5 WFR 9.12 8.60 -6 CYMI 36.33 33.79 -7 CMOS 10.82 10.02 -7 ASYT 8.41 7.75 -8 ASML 11.15 10.27 -8 VECO 14.03 12.87 -8 HELX 14.18 12.94 -9 DPMI 27.83 25.35 -9 KLAC* 44.17 40.09 -9 BRKS 14.44 13.04 -10 TER* 16.39 14.74 -10 FSII 4.53 4.03 -11 PHTN 35.25 31.25 -11 AMAT* 17.05 15.11 -11 ATMI 23.97 21.23 -11 PLAB 15.82 13.90 -12 SFAM 6.59 5.79 -12 NVLS* 36.29 31.84 -12 KLIC 5.85 5.06 -14 LTXX 9.22 7.88 -15 UTEK 11.47 9.47 -17 LRCX 16.24 13.30 -18 SMTL 6.94 5.65 -19 EGLS 2.62 2.06 -21 TGAL 0.60 0.47 -22 TOTALS 424.07 380.29 -10 SOX-X 373.53 335.34 -10 COMPQX1478.78 1430.35 -3 * STOCKS INCLUDED IN SOX INDEX