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To: Donald Wennerstrom who wrote (12502)	11/12/2003 7:27:59 PM
From: Return to Sender	Read Replies (2) \| Respond to of 95456

From Briefing.com: What kind of trading day was it on Wednesday? Well, if you were long the market, it was a very good day. The indices started on an upbeat note and kept on trucking right into the close. The mood of the market was undeniably bullish and was evident in the degree to which up volume swamped down volume and advancers outpaced decliners at the NYSE and Nasdaq. As has so often been the case for the better part of the past year, it was the technology sector that led the broad-based advance. In the same vein, it was the semiconductor sector that spearheaded the technology sector's broad-based rally. The catalyst for leadership was provided by Gartner Group, a provider of technology research, which said chip sales are expected to grow more than 20% next year versus 2003 levels, which are forecast to reach $174 bln. Supportive comments from IBM's (IBM 90.69 +1.33) CEO regarding expectations for a pickup in information technology spending in 2004 also provided a catalyst for renewed buying interest. After Wednesday's close, Applied Materials (AMAT 25.44 +0.54) checked in with better than expected fiscal Q4 (Oct) results and encouraging Q1 (Jan) guidance. In doing so, AMAT set the stage for a positive start to Thursday's trading. As of this posting, AMAT was up nearly 3.0% in after-hours trading and the Nasdaq 100 futures, at 1450, were five points above fair value. Briefing.com will provide added analysis of AMAT's earnings report on Thursday on our Stock Brief page. Separately, a Dell (DELL 35.67 +0.66) preview will also be provided as that company will be a focal point for the market when it reports its quarterly results after Thursday's close.-- Patrick J. O'Hare, Briefing.com 6:09PM Wednesday After Hours price levels vs. 4pm ET: The regular session's rally has been extended into the after hours trade, where the S&P futures, at 1059, are 1 point above fair value, and the Nasdaq 100 futures, at 1449, are 5 points above fair value. Tonight's quarterly earnings reports have been solidly bullish, with the headliner Applied Materials (AMAT 26.14 +0.70) coming in ahead of analyst expectations. The world's largest chip maker reported 4Q03 (Sept) EPS of $0.06, which were a penny ahead of the Reuters Research consensus estimate. Revenues fell 16% from the prior year period but still topped - at $1.22 bln - the consensus of $1.13 bln. Orders also checked in ahead of earlier guidance at $1.28 bln. On its conference call, Applied Materials said that 1Q04 (Dec) revenues should grow 5-7% sequentially, to $1.28-1.31 bln, versus the consensus of $1.24 bln. Shares of other semiconductor equipment makers such as KLAC and NVLS have also traded higher in the extended session. Intersil (ISIL) 27.24 +0.82: A.G. Edwards initiated coverage of ISIL with a Buy rating and 12-month price objective of $39. Based on Intersil's prospects for substantial growth within the recordable DVD market, coupled with the firm's ongoing success within power management, firm believes Intersil can generate growth above the overall analog semiconductor industry over the next two years. Firm believes its price objective P/E multiple is appropriate given the co's projected EPS growth over the next two years, and is also in line with both historic and current analog peer group average multiples. Photronics (PLAB) 19.54 -1.46: Before the open, Banc of America slashed its Oct and Jan qtr ests below consensus due to a lack of new design releases by chipmakers, which it thinks is symptomatic of larger secular issues facing the merchant mask makers; firm also said they believe that merchant mask co's are losing share in the advanced masks segment to the captive and foundry mask shops. Target is $17.

To: Donald Wennerstrom who wrote (12502)	11/13/2003 10:23:52 AM
From: Sam Citron	Respond to of 95456

09:38 ET Tessera Technologies IPO prices above range, to begin trading today (TSRA) 13.00: Tessera Technologies, a developer of semiconductor packaging technology, prices its IPO at $13, well above its expected $9-$11 range. TSRA focuses on developing chip-scale packaging, or CSP, and multi-chip packaging technology. Its CSP technology allows customers to assemble semiconductors into packages that are almost the size of the chip itself, and its multi-chip packaging technology enables multiple chips to be vertically stacked in almost the same area as a CSP. Its technology is currently licensed to 44 companies, and has been incorporated into more than 2.5 bln semiconductors worldwide. In 2002, the co posted revenue of $28.3 mln and net income of $6.5 mln... This is a Lehman-led deal for 7.5 mln shares. The pricing indicates there is strong demand as technology IPOs are hot, especially if they are profitable like TSRA. www.briefing.com