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

To: The Ox who wrote (9966)	6/3/2003 11:55:10 PM
From: Return to Sender	Read Replies (1) \| Respond to of 95684

So the markets traded relatively flat, but finished with modest gains on the day nonetheless. Each of the major averages -- the Dow, the S&P 500 and the Nasdaq -- posted relatively narrow single-session advances. Once again, total volume was notably strong comfortably surpassing the 2.0 billion share mark. Yet it's also worth noting that Tuesday session snapped a five-session string in which Nasdaq volume had registered progressively stronger volume totals. From a technical perspective, the Nasdaq faces two competing considerations based on its current disposition. The straight technical read suggests the near-term bias is neutral to perhaps even slightly bullish. The index continued to trade strong volume Tuesday, and finished the day essentially on its session highs -- it's difficult to be overly alarmed by the price action. Yet at the same time, we have the proximity of the indices -- namely the Nasdaq and the Dow -- to these broader, longer-term resistance levels at Nasdaq 1619 and Dow 9000. In light of these nearby resistance points, the potential upside would seem limited for those favoring this mildly bullish outlook. So from a practical standpoint, the indices have reached what appears to be a near-term inflection point. Looking towards Wednesday, the ISM Services (Institute for Supply Management) -- a.k.a. the non-manufacturing ISM -- is set for release at 10:00 ET. While the services number is a nice point of interest, it's probably less likely to trigger a broad-based market response the way many other recent reports have a more detailed look at the remainder of this week, please visit Briefing.com's Earnings Calendar and Economic Calendar. -- Mike Ashbaugh -- Briefing.com 5:48PM Tuesday After Hours price changes vs. 4pm ET levels: An upbeat after hours session as the S&P futures, at 973, are 2 points above fair value, and the Nasdaq 100 futures, at 1202, are 3 points above fair value. A number of encouraging financial outlooks has put a respectable bid in the futures market. Most notably, semiconductor company Altera (ALTR 18.57 +0.02) raised its Q2 (June) revenue guidance to the high-end of its previous forecast. ALTR now expects top-line growth of 3-4% (from 1-4%) which should bring revenues to approximately $200.8-202.8 mln (Reuters Research consensus estimate of $200.3 mln). This is the second time ALTR has increased its Q2 revenue outlook above consensus estimates. Additionally, Flextronics (FLEX 10.95 +0.83) has attracted some buying interest after reaffirming its Q1 (June) targets on its mid-quarter call. The EMS provider continues to expect sales of $3.0-3.3 bln and EPS of $0.05-0.08 as business appears to be improving. Reuters Research estimates for Q1 are set at $3.14 bln and $0.06, respectively. Competitors of FLEX such as CLS, JBL, and SANM have received a lift as well from the reassuring outlook. 7:59PM Genesis Microchip issues mixed guidance on mid-qtr update (GNSS) 18.68 +0.37: -- Update -- On conference call, co said that it believes achieving its revenue target will be challenging. However, due to stronger than anticipated gross margin and below plan op-ex, co expects to meet or beat profitability targets for the qtr. 5:16PM Altera raises Q2 revenue guidance (ALTR) 18.50 +0.14: Company raises its revenue guidance for Q2, now sees sequential rev growth of 3-4%, to approx $200.8-202.8 mln, vs Reuters Research consensus of $200.3 mln. On April 28th, ALTR issued rev guidance of $197-205.3 mln, based on 1-4% sequential rev growth, vs previous R.R. consensus $192 mln. 5:05PM Flextronics guides in line with consensus (FLEX) 10.81 +0.63: Company issues mid-quarter guidance for Q1 (Jun), sees EPS of $0.05-0.08, vs Reuters Research consensus of $0.06, and revenue of $3.0-3.3 bln vs estimate of $3.14 bln. 4:03PM Microsemi to record $14.7 mln charge for acctg change (MSCC) 12.77 -0.16: Announces that it will record $14.7 mln as an after-tax charge resulting from adoption of SFAS 142 "Goodwill and Other Intangible Assets." The charge will be recorded as a transition year adjustment for the cumulative effect of a change in accounting principle, retroactively to Sept. 30, 2002, in accordance with the rule. 3:27PM Qualcomm back to session high (QCOM) 34.75 +1.40: -- Update -- -- Technical -- Faltered after approaching resistance at its 200 day ema at 34.88 (see 12:13 comment) but has climbed steadily higher this afternoon and is now hovering just below the best level of the day (34.77) 3:24PM ADTRAN clears $49.55 one-yr high set May 28 (ADTN) 49.63 +1.14: Stock is breaking out to a new 52-wk high in late session trade. ADTN has been in the spotlight of late as a trade on expanding DSL footprint by the regional bells. Stock also benefits from a relatively high short-interest (between 24% and 30% of the float). In a note yesterday, Pacific Growth said that it believes ADTN will have no problem meeting or beating firm's JunQ estimates. 2:31PM Brocade -- Daily Breakout (BRCD) 6.97 +0.93: -- Update -- Shares of Brocade Communications are posting a 15.4% gain today behind a Merrill Lynch upgrade to Buy from Neutral (see 7:28 ET comment). The $1.6 bln market-cap company makes data storage networking products and services -- the shares are closing in on their best levels since November. BRCD is projected to generate revs of $530 mln this yr (p/s 3.0) and revs projected to grow 14.7% next yr to $608 mln (p/s 2.6) next yr. 10:54AM Diodes Inc cut to Neutral at B. Riley (DIOD) 19.39 +0.06: B. Riley & Co downgrades to Neutral from Buy based on valuation, as the shares now trade in line with its peer group; in addition, for the past 4 months the discrete component mkt has grown faster than the overall semi mkt, and this strong relative growth combined with recent channel checks leads them to believe that much of this anomaly may be due to inventory replenishment by OEMs. 9:19AM OmniVision comments on CFO position (OVTI) 33.36: Co announces that H. Gene McCown has agreed to delay his planned retirement and continue in the role of CFO. This news follows an announcement just a few weeks ago that Michael Angel had been named the new CFO of the company. Mr. Angel will not be continuing in Mr. McCown's roles as previously announced. finance.yahoo.com^SOXX+ADTN+ALTR+AMAT+AMD+BRCD+BRCM+DIOD+FLEX+GNSS+INTC+KLAC+LLTC+LSCC+LSI+MOT+MSCC+MU+MXIM+NSM+NVLS+OVTI+QCOM+TER+TXN+XLNX+^IXIC+^NDX+^SPX+^VIX+^VXN+^STI.N+^STI.O+SMH&d=t