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

To: The Ox who wrote (9868)	5/22/2003 12:50:48 AM
From: Return to Sender	Read Replies (2) \| Respond to of 95718

From Briefing.com: Updated: 22-May-03 General Commentary - In shedding 1.22 points, the Nasdaq extended its losing streak to four straight sessions. However, decline sounds worse than it really is as tech-heavy index has only lost 61.5 points, or 3.9%, over that period. As Briefing.com has been suggesting in recent days, decline has all the earmarks of a normal correction after a strong rally. Pullback has been orderly, volume has been modest and key supports have held. This does not look like an index/sector about to roll over into another nasty downturn. To the contrary, it looks increasingly as though the marketplace is merely pausing to catch its breath, after a quick and powerful surge higher. Before investors need to start worrying about the retreat becoming something more than the usual backing and filling, they will need to see support levels fall. Listed below are some levels worth watching on a handful of leadership and momentum type stocks, as well as on a few key industry groups. Stock/Industry Current Price 50-Day Moving Average Broadcom (BRCM) 20.10 16.45 Cisco (CSCO) 15.70 14.41 Dell Computer (DELL) 29.86 29.12 Electronic Arts (ERTS) 62.31 59.68 F-5 Networks (FFIV) 15.72 13.96 IBM (IBM) 86.18 83.58 Intel (INTC) 18.84 18.21 Nokia (NOK) 16.57 15.79 Seagate Tech (STX) 13.28 11.36 Yahoo! (YHOO) 26.18 24.45 Gsti Software Index (GSO) 114.86 108.99 Amex Telecom Index (XTC) 478.51 433.72 Philadelphia Semiconductor Index (SOX) 337.57 327.28 Nasdaq Comp (COMPQ) 1489.90 1430.46 Again, this is just a representative sample of the sector. Nevertheless, it should be clear from this table that the tech sector has yet to fall below even the frontline defense. Consequently, there's no reason to be alarmed by the length or depth of the pause. In fact, the longer we move sideways the better positioned the sector/market will be for another material advance once the corrective phase ends. Robert Walberg, Briefing.com 3:09PM National Semi target raised to $30 at Morgan Stanley (NSM) 22.81 -0.17: -- Update -- Morgan Stanley raises their FY04 est to $0.85 from $0.75 (consensus $0.62) and raises their price target to $30 from $25 after the co announced that it is shutting down its wireless baseband biz; firm believes this action should save about $9-$10 mln per qtr in expenses, and they also note that the stock trades at 2.4x their CY04 sales est, which represents a 30% discount to the semi sector avg. 2:32PM SanDisk -- Daily Breakout (SNDK) 30.52 +2.11: -- Update -- Shares of SanDisk are posting an 7.4% gain today. The $2.1 bln market-cap company makes flash memory storage products that are used consumer electronics applications including digital cameras, PDAs, and digital video recorders -- it also makes products for industrial and communications applications, such as communications routers and switches and wireless communications base stations. The shares have broken to a new 52-week high today. SNDK is projected to earn $1.32 this yr (p/e 23.3) and EPS is projected next yr at $1.27 (p/e 24.3). 2:10PM Pixar Animation finds buy interest as CNBC guest highlights huge short-interest (PIXR) 52.40 +1.06: The appearance on CNBC by a guest cautioning investors to be wary of heavily shorted stocks has attracted momentum traders to PIXR intraday. Can be sure that many of those betting against this stock are none too happy that it was profiled as one of the most-hated names by short-sellers. They know that such a distinction is sure to attract daytraders looking for an opportunity to participate in a short-squeeze in the stock. This appears to be happening with PIXR, as stock moved to its highs of the day following the "negative" CNBC mention. 1:49PM Intel shareholders reject proposal to expense stock options -- Reuters (INTC) 18.63 -0.03: 1:38PM Earnings Profile -- Westell Tech (WSTL) 6.04 +0.34: Last night, Westell reported Q4 earnings of $0.06 a share, exceeding consensus by a penny. Revs increased 9.5% to $54.84 mln. Co issued in-line guidance for Q1, but noted that it is currently responding to requests for proposals on new customer contracts and that guidance does not take into account any increase in revs that may occur if co were to win any large new customer contracts. Current estimates have co earning $0.27 (p/e 22.4) for the full yr. Earnings per share projected to expand 63% in 2004 to $0.44 (p/e 13.7).... WSTL shares have risen 120% since being highlighted on this page in Feb as a New High Profile). 9:36AM SanDisk gaps up to test $29.85 one-yr high (SNDK) 29.85 +1.44: -- Update -- Stock will need to make a clean break of this level, otherwise shorts will view it as a failed breakout and an opportunity to add positions. Note that short-interest in this name is 25%. 8:34AM Microsoft upgraded at Fulcrum (MSFT) 24.63: Fulcrum upgrades to Buy from Neutral; results of their reseller survey indicate that Volume License renewal rates and the Software Assurance program are progressing better than they expectated, and both DELL and HPQ are showing signs of a stability in PC demand, which they believe marks a transition toward PC growth in MSFT's FY04; in the short-run, firm believes favorable forex and the fiscal year-end seasonality effect will help the top-line and unearned revenue. Target is $29. Photronics (PLAB) 14.83 +1.71: Merrill Lynch upgrades from Neutral to BUY. Target $17.5. Cites improved earnings visibility for '04 following stronger-than-expected Q2 results. finance.yahoo.com^SOXX+ALTR+AMAT+AMD+BRCM+INTC+KLAC+LLTC+LSCC+LSI+MOT+MSFT+MU+MXIM+NSM+NVLS+PIXR+PLAB+SNDK+TER+TXN+WSTL+XLNX+^IXIC+^NDX+^SPX+^VIX+^VXN+^STI.N+^STI.O+SMH&d=t