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

To: Gottfried who wrote (12772)	12/18/2003 12:21:08 AM
From: Return to Sender	Read Replies (1) \| Respond to of 95383

From Briefing.com: The Philadelphia Semiconductor Index (SOXX 474.79 -5.17) closed lower by 1.1% on Wednesday for the fourth consecutive losing session. Decliners overwhelmed advancers 16:1 with decliners dropping 1.4% and advancers adding 0.6%. The Briefing.com Tech Index eased 0.3% for the third consecutive losing session. Decliners outnumbered advancers 1.4:1 with decliners falling 2.3% and advancers gaining 2.5%. After the close, Activision (ATVI 16.41 -0.07) raised Q3 guidance: EPS from $0.45 to $0.67 (Reuters Research consensus at $0.45); revenue from $390MM to $480MM (consensus at $388.3MM). Management cited stronger than expected response to its holiday slate and the strength of its distribution and value divisions. Jabil Circuits (JBL 26.80 +0.63) printed Q1 core EPS of $0.25 on revenue of $1.51B (+41.1% Y/Y), ahead of Reuters Research consensus at $0.23 on $1.406B. Management guided for Q2 EPS of $0.20-0.22 on revenue of $1.35-1.40B, in-line with consensus at $0.21 on $1.349B. Results and outlook are encouraging and should give investors confidence that the recovery in technology remains intact but do not point to an acceleration in growth beyond the levels currently priced into tech shares. As a result, would take opportunity to sell tech shares into strength. That said, Jabil is moderately priced at high single digits to low teens growth and is likely to trade well in the coming weeks. Solectron (SLR 6.02 +0.30) reports Q1 after the close Thursday.--Ping Yu, Briefing.com Group % Change Avg % Change Advancers Avg % Change Decliners Ratio Advancers to Decliners P/SG Ratio: Advancers P/SG Ratio: Decliners Philadelphia Semiconductor Index -1.1% 0.6% -1.4% 0.1:1 5.0 4.3 Briefing.com Tech Index(based on a composite of over 1000 tech companies) -0.3% 2.5% -2.3% 0.7:1 1.7 1.9 Audio & Video Equipment +0.7% 3.9% -2.0% 0.9:1 0.7 0.5 Communications Equipment -0.3% 3.1% -2.1% 0.9:1 2.0 2.0 Communications Services +0.1% 2.0% -1.9% 1.0:1 1.1 1.0 Computer Services -0.5% 2.1% -2.2% 0.7:1 1.8 2.0 Computer Sys & Peripherals +0.2% 3.4% -2.1% 0.8:1 1.5 1.5 Electronic Instruments & Controls -0.2% 2.7% -2.5% 0.8:1 1.2 1.5 Scientific & Technical Instruments -0.3% 1.9% -2.3% 0.9:1 1.2 1.6 Semiconductors -0.7% 2.7% -2.3% 0.5:1 2.5 3.1 Software & Programming -0.5% 2.4% -2.5% 0.6:1 1.8 1.9 6:29PM Wednesday After Hours prices levels vs. 4 pm ET: The after hours trade has turned positive following the regular session's lackluster showing, benefiting from a number of encouraging earnings pronouncements from a broad array of companies. Presently, the S&P futures, at 1077, are 2 points above fair value, and the Nasdaq 100 futures, at 1406, are 3 points above fair value. The following table summarizes tonight's largest stories, and the stocks' reactions to the company's news: After Hours Mover % Change Move Reason for Move Bed Bath & Beyond (BBBY) +3% Leading retailer tops Q3 (Nov) Reuters Research consensus EPS estimate by $0.02 on revenues that jumped 26% to $1.17 bln; Shares had given back 9% since late-Nov in retail group pullback Cognos (COGN) -2% Provider of business intelligence software exceeds market's expectation in Q3 (Nov) report, but guides Q4 (Feb) EPS and revenues to the low-end of Street estimates; Traders have sold into stock's 31% YTD rally Jabil Circuit (00C) -1% Electronic manufacturing services provider beats in 1Q04 (Nov) report and issues Q2 (Feb) in-line outlook; Traders have booked light profits from the stock's 2.5% rally today; Competitors of JBL include the likes of CLS, FLEX, SANM, and SLR Herman Miller (MLHR) -6% Home furnishing company misses on Q2 (Nov) revenues and guides Q3 (Feb) EPS to the low-end of Wall Street forecasts; Look for ETH and HVT to be weak tomorrow following MLHR's confirmation of continued weakness in the furniture business Tibco Software (TIBX) +4% Provider of business integration solutions surpasses Reuters Research estimates in 4Q03 (Nov) report; Thomas Weisel had upgraded on Monday citing recent channel checks Tomorrow, the market will digest several economic and earnings reports. Initial Claims for the week of December 13 are due out (at 8:30 ET), with the consensus estimate calling for a 13K decrease to 365K. The December Philadelphia Fed Index is also slated for release (at 12 ET), and the regional manufacturing report is expected to decline slightly to 25.0. As for the earnings reports on tap, Goldman Sachs (GS) and Morgan Stanley (MWD) are among the more notables - with the market expecting impressive numbers following Bear Stearns (BSC) and Lehman Brothers's (LEH) blow-out results today. For complete coverage on these, and other developments, be sure to visit our Stock Market Update and Daily Sector Wrap pages. -- Heather Smith, Briefing.com 4:09PM Jabil Circuit beats by $0.02, affirms FebQ (JBL) 26.80 +0.63: Reports Q1 (Nov) earnings of $0.25 per share, ex-items, $0.02 better than the Reuters Research consensus of $0.23; revenues rose 41.3% year/year to $1.51 bln vs the $1.41 bln consensus. Co sees Q2 (Feb) sales and core EPS of $1.35-$1.40 bln and $0.20-$0.22 vs R.R. consensus of $1.35 bln and $0.21. For full fiscal year (Aug 04), co sees revs and core EPS of $5.7-$5.9 bln and $0.93-$0.97 vs R.R. consensus of $5.7 bln and $0.94. 3:36PM Rambus: judge seeks delay in FTC ruling - Reuters (RMBS) 26.75 -3.30: Reuters reports that a U.S. administrative law judge said he needed more time before ruling on govt charges that Rambus illegally monopolized key computer chip technologies. Administrative Law Judge Stephen McGuire said he had asked the Federal Trade Commission to extend a deadline for the ruling by two months to Feb 17 (McGuire had been expected to hand down a ruling by this Thursday). The FTC is seeking to deny Rambus the billions of dollars in royalties it could reap from computer chip manufacturers such as Micron Technology and Korea's Hynix Semiconductor. 11:36AM TRID pressured by reports Intel will enter digital TV market 14.61 -1.71: Trident Micro (TRID) weakness being blamed on report that Intel is planning to introduce a new chip that could remake the digital TV market. It is reported that Intel is expected to disclose the development of a class of advanced semiconductors that will improve the quality of large-screen digital televisions and substantially lower their price... After checking around, Briefing.com is finding that Unterberg is calling Intel entry into Digital TV market a "non-event" as far as Trident Microsystems is concerned, and that weakness on this news creates a buying opportunity. One of the points firm makes is that initially Intel will compete in rear projection TVs like Texas Instrument's DLP with microdisplays. If this is the case, firm believes it could actually be complementary to Trident's electronics portion, ie., they could sit side by side in a microdisplay based RP TV. 10:17AM AmTech reits Buy on Amkor (AMKR) 16.59 -0.46: American Technology Research reiterates their Buy rating on AMKR; firm says checks continue to indicate that strength from the foundries and chipmakers is translating into increased unit demand for test and packaging, and says the pricing environment remains firm and visibility into early 2004 is extending; firm believes that the co could earn $1.75 in CY05 (well above consensus of $1.22), and notes that the stock is trading at only 9.7x that number, which implies greater than 60% upside potential given industry peak multiples in the 18-22x range. California Micro (CAMD) 8.30 +0.40 : Needham & Co upgraded Hold to BUY. Target $10. Believes co's business has clearly gained momentum as sales continue to benefit from strong mkt penetration gain. ESS Tech (ESST) 14.96 +0.01 : The purpose of the agreement is to combine ESS's VGA technology with Hansung's module technology to produce a lower cost, more flexible product offering for camera phone OEMs. According to the agreement, ESS will supply its CMOS VGA image sensors to Hansung for the manufacture of camera-phone imaging modules. finance.yahoo.com

To: Gottfried who wrote (12772)	12/18/2003 7:12:38 PM
From: Gottfried	Read Replies (2) \| Respond to of 95383

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