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

To: Gottfried who wrote (7879)	12/26/2002 10:12:13 PM
From: Return to Sender	Read Replies (2) \| Respond to of 95541

From Briefing.com: Updated: 27-Dec-02 - General Commentary - Tough to put too much emphasis on a session like today's given the relatively light volume and the sideways action. Basically, Nasdaq continues to hover near its 50-day moving average during the quiet, holiday period. Don't look for decisive action in either direction until back to regular action, which won't occur until next week at the earliest. Even then, Briefing.com not looking for a significant early year move as investors apt to sit on hands due to uncertain economic and geopolitical climate. Fact that warnings season is just around the corner should also limit buying action, as sector has really taken it on chin during this period in recent quarters. Of course, risk is that Nasdaq breaks down technically (moves well below 50-day moving average) due to war anxieties and earnings warnings. Should Nasdaq fall back below the 1320 area, for example, could cause investors to grow worried that Oct-Nov rally was just another in a long series of head fakes rather than the beginning of a legit, sustainable rebound. None of this is to suggest that we won't see some early year bargain hunting in the beleaguered sector. It's possible, but if it does happen Briefing.com not expecting much upside as there are simply too many clouds hanging over the sector/market to justify materially higher prices. Robert Walberg, Briefing.com Close Dow -15.50 at 8432.61, S&P -2.81 at 889.66, Nasdaq -4.59 at 1367.88: In disappointing fashion, the equity market's attempt at a rally today proved to be short-lived as the major indices succumbed to selling pressure and posted another straight session of losses... Given the low volume levels at the Nasdaq and NYSE, both of which failed to surpass the 1 billion mark, the major indices were prone to minor swings in its groups, and thus trading was largely choppy for the day... The cash market opened on an upbeat note fueled by expectations for bargain-hunting as this year, which will mark the third straight year of double-digit losses for equities, draws to a close... Technology emerged as an early leader in the advance and benefited from pockets of strength in software, semiconductor, storage, and wireless... The latter was a recipient of buying interest due to a Wall Street Journal piece that indicated some analysts expect that Motorola (MOT 8.81 +0.07) will pull even with Nokia (NOK 15.86 +0.09) for the position of market-share leader in North America by the end of the year... Financial, transportation, and retail were also the main targets of buyers and their combined leadership, along with technology, effectively limited selling activity to the drug sector... Drug stocks, in particular, were weaker for the session in part to a troubling study published in the New England Journal of Medicine that questioned the impact of Pfizer's (PFE 30.15 -1.23) Celebrex on ulcers and created more general concern about Cox-2 drugs... Despite the poor showing in drug, the bias in the morning trade was bullish with a better-than-expected weekly jobless claims report lending support... The market, however, reversed course in the mid-afternoon session in response to a pullback in the groups that spearheaded the market's climb earlier... Specifically, the loss of influential leadership in technology and financial inspired selling activity across the broader market as investors looked to take profits in light of several lingering overhangs on the market... Namely, concerns that the crucial holiday selling season may fall short of expectations were renewed following Wal-Mart's (WMT 49.72 +0.02) admission that Dec same-store sales will rise only 2-3% versus its previous guidance of a 3-5% gain... Additionally, geopolitical instability that stems from the threat of war against Iraq and North Korea's bid to restart its nuclear arms programs, continued to grip investors... Finally, crude oil rose to a two-year high today on war speculation and talk that Venezuela will be unable to meet a pledge to boost exports that have been limited by its strike to oust President Chavez...NYSE Adv/Dec 1824/1382, Nasdaq Adv/Dec 1701/1575 3:50PM Warnings season picks up next week : Earnings warning season picks up next week. Last year, there was a surge in warnings just after the New Year's Day holiday, with 6 companies warning on Jan 2, and 13 warning on Jan 3 (8 more preannounced upside surprises). This pick-up in warnings will probably be the catalyst for a pick-up in market action on Jan 2; activity until then might well remain dull. 2:19PM SanDisk trades below its intermediate-term 50-day moving average, which is currently at $22. (SNDK) 21.81 -0.34: 11:54AM RF Micro Device upgraded by RBC (RFMD) 7.29 +0.25: RBC Capital Markets upgraded RFMD earlier this morning to TOP PICK from Sector Perform based on channel checks in Asia over the holidays; believes Dec qtr was extremely strong and Q1 will be strong as well - sees $12 mln in upside to consensus revenue estimates over next two quarters. 11:52AM RF Micro Device (RFMD) 7.29 +0.25: RBC Capital Mkts upgrades Sector Perform to TOP PICK. Target $18. Believes there is potential for $12 mln upside in next two quarters over consensus revenue estimates 7:28AM Motorola gains on Nokia in mobile phone market (MOT) 8.74: The Wall Street Journal reports that some analysts estimate that MOT will pull even with NOK for the position of market-share leader in North America by the end of the year. This is from 20/20 Insight a couple days back: 2020insight.com Semiconductor . . . Cypress Semi says revenue for 4th quarter will be "approximately $174 million, plus or minus $1 million, 7% lower than the current analysts consensus estimate of $187 million" versus consensus estimate is for revenues of $186.7 million. The firm says company's bookings and turns run-rates, which "were tracking close to the analysts estimates through the end of November", slowed significantly since the first week of December and are "not expected to rebound during the holidays." Most of the revenue short fall is expected from the company's wireless segment. finance.yahoo.com^SOXX+ALTR+AMAT+AMD+BRCM+CY+INTC+KLAC+LLTC+LSCC+LSI+MOT+MU+MXIM+NSM+NVLS+RFMD+SNDK+TER+TXN+XLNX+^IXIC+^NDX+^SPX+^VIX+^VXN+SMH&d=t RtS