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

To: Donald Wennerstrom who wrote (11896)	9/29/2003 9:43:29 AM
From: Return to Sender	Respond to of 95515

From Briefing.com: 8:58AM Applied Micro acquires IBM's PowerPRS Switch Fabric product line for $47 mln (AMCC) 4.85: 8:40AM SoundView comments on Motorola guidance : SoundView believes that the MOT preannouncement late Friday (reit SeptQ guidance and suggested upside to consensus Q4 handset estimates) is an incremental positive for RFMD and SWKS, each with approx 10-15% exposure to MOT. However, given the stocks' high levels and the numerous positive handset data points received over the last month, firm feels that much of this seasonal strength is already reflected in the stocks. While SoundView would expect both RFMD and SWKS to be up on the MOT announcement, firm is reluctant to chase the stocks at these levels at this point in the season. 8:40AM ESS Tech upped to Buy at CE Unterberg (ESST) 10.69: CE Unterberg is raising its near term rating on ESST to Buy with a $13-$14 price target. Firm says Vibratto II and Vibratto-S ramp will improve ASPs in a DVD player and the co's entry into the camera market should provide upside to 2004 estimates. Firm's price target is based on applying 1.5x to its CY04 sales estimates of $250 mln and adding back $3.92 in cash. Longer term, firm would like co to use its VCD and DVD position as a cash cow and develop products for other high volume end markets such as Digital TV. 8:38AM Economic Review - Personal Income & Consumption : August personal spending rose the expected 0.8% as personal income rose 0.2% and the tax cuts left a powerful 0.9% rise in disposable income. The July rise in personal spending was revised to a stronger 0.9% to leave strong expectations for Q3 spending and GDP growth. The tax related lift in disposable income provides added fuel for future spending. The August mix left a modest rise in the savings rate of 3.8%. The PCE price indications show the same lack of pressure seen in all the price indicators with a 1.9% annual rate pumped up by non-core components as the core rate stands just 1.3% higher from a year ago. Treasuries were unaffected by this "in-line" report - ten-year note presently down 9/32nd's in price on the day, to yield 4.04%. 8:12AM TTM Tech initiated at Wells Fargo with a Buy and $21 target (TTMI) 12.85: Wells Fargo is initiating coverage with a Buy and a $21 target. In firm's view, TTM is uniquely well positioned as a quickturn and high-technology printed circuit board fabricator, with what the firm believes is the lowest cost structure (and likely most profitable current operations) in the North American market. Firm believes several significant competitors have recently shut facilities and scaled back operations, resulting in market share gains. Also, pricing is stabilizing and capacity utilization is improving. Firm says shares remain undervalued, trading at 17.8x FY04 and 12.2x FY05 adjusted EPS estimates. 8:09AM Flextronics upgraded at UBS (FLEX) 13.62: UBS upgrades to Buy from Neutral and raises their target to $18 from $13, saying they believe that the recent pull-back in the stock, combined with strong fundamental momentum heading into a seasonally strong second half, gives investors an attractive risk/reward entry point. 8:02AM Semi Equipment stocks most oversold since early March - JP Morgan : JP Morgan believes that Semi Equipment stocks are more oversold now than at any point since early March and think concerns about Q4 order growth are overblown; firm thinks that a solid earnings season, an improving bookings outlook as Q4 unfolds, and traditional Oct to May stock seasonality suggests now is a trough. Firm reiterates ASML and KLAC as their top large-cap picks, and says BRKS, CYMI, VSEA, and LRCX remain their top small-cap picks. 7:19AM NVIDIA cut to Sell at Merrill Lynch (NVDA) 16.86: Merrill Lynch downgrades to Sell from Neutral and cuts FY04-05 ests well below consensus, saying they see no signs that the co's mobile computing and chipset businesses are about to improve; also, firm believes that NVDA may begin losing share in its key discrete desktop graphics processor mkt, as just-completed checks in Taiwan suggest that competitor ATYT could begin gaining on NVDA in Q4 of this year; firm also thinks the stock is expensive for a PC graphics co, although it's not expensive relative to its sector. 7:16AM Silicon Storage licenses its SuperFlash technology to Toshiba (SSTI) 8.31: The agreement allows Toshiba to develop microcontrollers embedding SST's ESF1-500 (0.5 micron) SuperFlash technology and to reinforce its line-up of flash-embedded microcontrollers targeting a wide range of applications. In return, SST will receive licensing fees and royalties from Toshiba on sales of microcontrollers that incorporate the SuperFlash technology. 7:13AM Nokia poised for growth -- Barron's Cover Story (NOK) 15.26: The Barron's Cover Story suggests NOK is poised for growth with attractive valuations. Concerns continue to be potential loss of its 35.9% in market share of the cell phone markets, any declines in prices over its cell phones, and the sustainability of its operating margins on handsets that exceed roughly 20%. However, a San Francisco-based analyst with American Technology Research, says the stock provides a 10% free cash-flow yield and believes the stock is worth close to $30 an American Depository Receipt, which is nearly twice its current price. The article also suggests its network infrastructure business representing 20% of sales should stabilize in 2004, with a reduction in demand for older GSM equipment offset by carrier orders for hardware to build out the new 2.5G and 3G networks. 7:09AM PMC-Sierra products selected for Lucent Metro Access System (PMCS) 12.88: Co announces that of its Metro IC products have been selected by Lucent Technologies for its Metropolis DMX system. The Metropolis DMX system provides seamless end-to-end optical integration and interworking capabilities to add data services onto SONET/SDH networks. 6:46AM European Summary : European stocks showing moderate gains for the first day in seven led by Nokia (NOK) and STMicroelectronics (STM), after an industry report showed that global sales of semiconductors increased last month. Also some of Nokia's strength can be attributed to a positive cover article in Barron's. Novartis (NVS) up 1% after the group's chief executive Daniel Vasella told a Swiss newspaper on Saturday that it is unlikely to embark on an acquisition spree at this stage. Altana (AAA) up close to 4% after the firm said on Sunday a Phase III trial of its smoker's cough drug roflumilast had brought about a statistically significant improvement of lung function among patients... UK +0.65%, France +0.78%, Germany +1.05%. finance.yahoo.com

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