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

To: The Ox who wrote (10230)	6/19/2003 5:44:00 PM
From: Return to Sender	Read Replies (1) \| Respond to of 95520

Semiconductor Equipment . . . Entegris reported 3rd quarter earnings of $0.05 per share, $0.02 better than the consensus of $0.03. Revenues rose 17.2% year/year to $70.0 million versus the $67.3 million consensus. The company sees 4th quarter sales "about even" with $70 million 3rd quarter number versus consensus of $70 million. Semiconductors . . . LSI Logic was upgraded at Lehman to Equal-Weight from Underweight and raised their target to $8 from $6 based on their belief that business may have finally bottomed. The firm also cites their expectations for a solid June and September, strength in storage and stability in communications and consumer, compelling valuation, and low expectations for a rev decline of 7% for 2003. Lehman downgraded Fairchild Semi to Equal-Weight from Overweight due to heightened risk to their EPS estimates and relatively high valuation. The downgrade is based in part on yesterday's analyst day. The firm thinks orders will be soft this summer, particularly in Asia (75% of sales) as a result of SARS and excess inventories, and that gross margin will remain under pressure. Target is $13. Micron was upgraded to Neutral at UBS and raises their target to $12 from $8 following last night's results. The firm expects the stock to remain range-bound from $10-$14 until the co can demonstrate a clear path to profitability, and given the prospect of continued losses for the next 5 quarters, firm thinks the stock is richly valued at $13.50. At the same time, the prospect of stable to rising DRAM ASPs will likely support the stock above the $10 level. Standard & Poor's revised its outlook on Micron Technology to negative from stable, citing continued price pressures and weak demand levels, which have weighed on the memory chipmaker's profitability and liquidity. S&P affirmed its "B+" corporate credit. Micron would not give any hard guidance numbers outside of their expectations that production would see an increase in the low single digits (percentage terms). MU also saw a decrease of 15% in ASP's in the quarter and would not give guidance as to where they saw ASP's headed. robblack.com Keep watching the BP Indices Michael and lets see if a continued drop in the BPNDX does not lead to an overall market decline. investorshub.com I'm not saying it will be very deep. If we finally see signs of a business led economic recovery it does not have to be very deep at all. But if the good numbers that have been put up this last couple of quarters are not followed by real demand instead of just beating estimates based on cost cutting and streamlining then sooner or later we have real issues with valuations again. How much are we willing to pay for a company's stock if that company is not actually growing revenues and earnings? Perhaps a lot more than we have so far but again perhaps not. RtS