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

To: BMcV who wrote (14348)	4/6/2004 8:09:52 PM
From: Return to Sender	Respond to of 95738

Semiconductor Equipment . . . Taiwan Semi to supply semiconductor manufacturing services for Microsoft's future Xbox products. The breakthrough agreement expands an ongoing relationship between the two companies by providing Microsoft with direct, collaborative access to TSMC's advanced semiconductor process technologies. Semiconductors . . . JMP Securities lowers estimates on Intel and its target price to $35 from $38. The estimate cuts are based on several factors: 1) delays in the high-volume 90nm technology production ramp of Intel's new desktop Prescott (Pentium 4) processor, mobile Dothan (new Centrino) processor until late in 2nd quarter 2004; 2) a more aggressive forecasted processor pricing environment in PCs and server chips due to vigorous competition from a rejuvenated AMD; 3) continuing pricing pressure in the flash memory market; and 4) a somewhat sluggish, seasonally weak first-half PC industry. 2004 rev and GAAP EPS estimates go to $34.5 billion and $1.15 from $35.3 billion and $1.20. RF Micro Device announced that it is shipping high-volume production of its RF3146 third-generation PowerStar power amplifier module to Samsung Electronics. The industry-leading 7x7x0.9mm RF3146 is powering multiple Samsung GPRS handsets across numerous phone platforms. Dresdner upgrades Micron to Hold from Reduce. According to firm, capacity tightness continues in the DRAM market, leading spot prices dramatically higher in the last month. As a result of contract prices starting to move up (which follow spot prices), firm expects MU to be more profitable. Thus, firm sees little chance of sizable downside from the current valuation. Barron's Online highlights National Semi that, despite a 160% run in the past 12 months, may have room to run as demand remains strong for National's power-saving chips and other chips found in popular cellular phones, notebook computers and flat panel screens. "We're in an unbelievable industrial boom and analog chips are in short supply," says Rick Whittington, an analyst at Caris & Co. who rates the stock Above Average. "[National Semi] is going to earn a lot more than people think." Analog chip production accounts for more than three-quarters of National's revenues; other semiconductors, like mixed-signal chips that combine analog and digital processing, comprise the rest. National has $793 mln, or more than $4.00 a share, in cash and little debt. And last month, it announced it would buy back up to $400 mln worth of its shares. National Semi fetches about 21x projected earnings for the fiscal year that ends next May, well below peers like Linear Technology, which trades at 32x projected June 2005 earnings. And the co's shares look comparatively cheap on a P/S basis, selling at only 4.5x trailing-12-months sales. Linear sells at 18x sales, and Analog Devices at 9x sales. Mr. Whittington sees National Semi earning $2.70 a share in fiscal 2005, 44 cents above Wall Street's consensus. He puts the stock's value at about 55. Boxmakers . . . Digitimes reports that Hewlett-Packard hopes to have its worldwide suppliers and distributors ready with RFID technology by the end of this year, Ian Robertson, director of HP's RFID Program, said. HP will implement the RFID standards worldwide to meet the requirements from the US retailer giant Wal-Mart and US Department of Defense. HP will require its Taiwanese suppliers of printers to attach a RFID chip on the outer package of each product starting May and then expand the program to include notebook suppliers in August. Starting early 2005, HP will ask all of its suppliers to install the RFID chips inside the manufactured goods. robblack.com Sorry Bruce, right now I'm not sure I was even making a point. RtS