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

To: Return to Sender who wrote (11453)	9/4/2003 5:16:30 PM
From: Return to Sender	Respond to of 95616

Semiconductor Equipment . . . Byron Walker at UBS has become "more positive" on the chip equipment sector, citing the acceleration in sustainable order flow, expectations of increasingly better technology news and an improving economy. He added that inventory levels for integrated circuits remains low, so a seasonal pick-up in demand during the second half of the year should drive up capacity utilization rates. He maintained a Neutral rating for Coherent, Newport, and Veeco. The firm cited the acceleration in sustainable SPE order flow, expectations of increasingly better tech news, and an improving economy; macro-economic models indicate that a sustainable improvement in orders should begin late this year and continue into 2004. Among individual companies, Walker upgraded Applied Materials, KLA-Tencor, Novellus Systems, ATMI, Lam Research, photronics and Varian Semiconductor to "buy" from "neutral," and ASM International to "neutral" from "reduce." WR Hambrecht encourages investors to buy Ixia ahead of the company's September quarter. With less than one month remaining, firm believes that the qtr is on track to meet or exceed its estimates. Firm notes that Cisco and Foundry said August was stronger than expected. It appears that both companies have already begun to capitalize upon the beginning stages of an IT spending upgrade cycle. Firm believes this clearly benefits Ixia who supplies the pre-deployment test and measurement solutions to both of these companies. Cisco has historically been a 30% customer. Semiconductors . . . Powerwave target raised to $12 at ThinkEquity. ThinkEquity raised their 2004 estimate a penny above consensus and raises their target to $12 from $10 following yesterday's announcement that Verizon awarded Nortel a $1 billion contract (Nortel represents close to 60% of Powerwave's business). The firm expects to see additional contracts over the next several quarters, continues to believe that local number portability will drive higher subsystems sales throughout 2003 and into 2004, and believes W-CDMA and CDMA EV should begin to benefit PWAV in 1st quarter. Maintains Overweight rating. Cypress Semi cut to Hold at Needham. Needham downgrades to Hold from Buy after the co raised guidance last night, as firm no longer expects upside potential to significantly exceed downside risk at current price levels. National Semiconductor reported revenue of $424.8 million, at the high end of its targeted range, and earnings of 15 cents a share. Excluding charges, National earned 18 cents a share, well above Wall Street's expectations. The chipmaker said sales should grow 4 to 7 percent during the second quarter. RobBlack.com MarketWrap robblack.com

To: Return to Sender who wrote (11453)	9/4/2003 6:40:39 PM
From: The Ox	Read Replies (1) \| Respond to of 95616

I haven't looked over CMOS in quite a while. I'll get back to you on them. I was commenting on small/micros as a group vs. mids or large caps (even though I singled out a few in each category). Each company has it's strengths and weaknesses, where the market/analysts will ignore, discount or pound the table as they see fit. I'm not looking at investing in the same way as Cary but much more as a trader looking for the greatest appreciation over a specific period of time (again, usually much shorter then Cary's timeframe).