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To: Donald Wennerstrom who wrote (10363)	6/30/2003 12:27:36 AM
From: Cary Salsberg	Read Replies (1) \| Respond to of 95530

RE: "Better news than we have been getting is needed to drive them higher. Maybe that news will be forth coming, but it is not here yet." A few posts back, it was announced that programmable logic chips increased 8.6% sequentially month over month. I think that is good news for 2 members of the SOX, ALTR and XLNX, and I expect two others with broad market penetration at similar customers, LLTC and MXIM, to show similar results.

To: Donald Wennerstrom who wrote (10363)	6/30/2003 8:54:27 AM
From: Return to Sender	Read Replies (2) \| Respond to of 95530

From Briefing.com: SIA data seen positive for PLDs, analog companies The SIA reported that semiconductor sales for May were up 6.6% qtr/qtr and 11.3% yr/yr. On a 3-month rolling average basis, sales increased 2% M/M and almost 10% Y/Y... According to Needham, the SIA report was most positive for PLDs/standard cell, analog, wired communications, and graphics chips. The data was generally negative for SRAM, DSPs, and microprocessors. Firm believes the relatively strong performance for May supports its thesis of industry growth this year a couple of percentage points above the SIA forecast update from June 11 calling for 10.1% growth. MRVL Marvell upped to Outperform from Neutral at GKM (33.31) TXN risk rating goes to High from Medium at Smith Barney Due to a substantial miss in co's Q2 wireless chip biz, Smith Barney believes TXN unintentionally built up internal inventories in Q2. Looking out slightly further, firm expects co' earnings to decline sequentially in Q4 vs current consensus showing a sequential increase. LSI LSI Logic guides Q2 revs to 'high end' of previous guidance (7.07) Company announces Q2 revenues will increase approx 9% sequentially, near high end of previous growth guidance. However, LSI also expects to report $140-160 mln in "special items," compared to previous guidance of $50-70 mln and sees GAAP net loss of $0.43-0.50 vs earlier range of ($0.23-0.31). In touch with Reuters Research to see if new guidance is comparable to "non-GAAP" consensus of ($0.11). BRCM Broadcom and National Semi settle patent litigation (24.45) Companies announced settlement of all outstanding litigation and agreement on a comprehensive patent cross-license. 7:58AM National Semi cut to In-Line at Smith Barney (NSM) 20.04: Smith Barney downgrades to In-Line from Outperform and cuts target to $20 from $22 based on their belief that NSM's restructuring benefits are largely embedded in the stock price at current levels; in addition, firm is concerned about NSM's 30% exposure to wireless given excess handsets in Asia and the possible component inventory build due to SARS, and also notes that the co has sizeable exposure to the low-end analog segment, which has been facing tough price competition from TXN. 7:54AM Intel upgraded at Smith Barney (INTC) 20.57: Smith Barney upgrades to Outperform from In-Line, citing the following factors: 1) firm thinks Q2 and Q3 ests appear achievable, 2) the current environment is allowing INTC to slow price decreases and thereby increase profitability, 3) mgmt is increasingly focused upon improving ROIC, and 4) the co is beginning to accelerate just as the rest of the chip industry is decelerating (seasonally and YoY); raises target to $23 from $20. 7:20AM Nextel 'baffled' by Verizon suit (NXTL) 18.49: Co issues statement in response to news that Verizon Wireless has filed a suit against Nextel alleging that it improperly acquired prototypes of Verizon's new push-to-talk cellphone and gained unauthorized access to Verizon Wireless' network. Nextel says it is confident it has conducted itself properly with respect to the allegations in Verizon Wireless' complaint filed today in the United States Federal District Court. "We are, therefore, baffled by the claims made by Verizon Wireless in its filing." 7:14AM Unisys mentioned favorably in Barron's (UIS) 11.55: The article highlights the co's revenues, which are growing for the first time since 1999 to approximately $5.8 bln with further growth expected to be $6.2 bln in 2004. While the co has missed some key windows of market opportunities associated with the computing era, it appears to be poised for growth with price upside on the horizon. The stock trades at 12x consensus 2004 earnings estimates, which is comparatively low to other services and hardware companies. In addition, the co has been able to get its balance sheet under control by lowering its long term debt to $1 bln, an improvement from $2.3 bln in 1997. 7:01AM Seagate Tech registers 60 mln shares, guides JunQ above consensus (STX) 18.18: Co files for a proposed offering of approx 60 mln shares by parent New SAC. The selling shareholder has also provided underwriters an option covering an additional 9 mln shares. For the JunQ, co sees EPS of $0.30-$0.33 on revs of $1.53-$1.56 bln (Reuters Research consensus $0.28 and $1.54 bln). Co also announced a quarterly dividend increase to $0.04 from $0.03 per share. 6:57AM Barron's interviews Larry Haverty, a leisure analyst at State Street Research & Management : The market specialist suggests the economy is in a bull market and points to the consumer being very strong. He believes dividend taxation is very important given the recent positive market reactions to MBG and IGT. In addition, his outlook on the economy is optimistic projecting disposable income being up 10% in Q3 in light of tax cuts. Mr. Haverty interests include a large gamut from Internet services, Wal-Mart in light of its radio-frequency inventory management and IGT due to its enviable cash flow growth. His picks include the following companies: IACI, YHOO, IGT, CMCSA, NWS and DIS. finance.yahoo.com^SOXX+ALTR+AMAT+AMD+BRCM+CMCSA+DIS+IACI+IGT+INTC+KLAC+LLTC+LSI+MBG+MOT+MRVL+MU+MXIM+NSM+NVLS+NWS+NXTL+STM+STX+TER+TSM+TXN+UIS+XLNX+YHOO+^IXIC+^NDX+^SPX+^VIX+^VXN+^STI.N+^STI.O+SMH&d=t RtS

To: Donald Wennerstrom who wrote (10363)	7/2/2003 11:04:53 AM
From: Kirk ©	Respond to of 95530

The valuations on many stocks are "sky high". Better news than we have been getting is needed to drive them higher. Maybe that news will be forth coming, but it is not here yet. The least expected way to "fix" this is for the companies to say they have an increase in orders and thus are raising guidance. Managers have been so conservative that these days a surprise on the upside is much more likely then than the downside. Many stocks, such as Agilent, tried to hang in and burn some cash to get through a bottom before a big upturn that kept failing to show. Now they are cutting jobs fast to get to profitability with an indefinite period of business at the current bottom scraping levels... The funny thing is (unless you are an engineer) is when orders come back they will not have to hire at the same rate they paid in 2000. Profits could really do better.