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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (40977)	4/7/2004 11:22:09 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70866

09:53 INVX Innovex: STX weakness already priced in -- SG Cowen (6.64 -0.33) S.G. Cowen states that customer concentration issues continue for Innovex, but new wins could yield upside. INVX's largest customer, STX, provided preliminary EPS below previous guidance on weaker-than-normal seasonal patterns. While the news raises concerns about N-T outlook, firm believe INVX shares already price in FQ2 weakness due to STX, noting the most substantial factor in STX warning was notebook segment, which is not presently a material rev source for INVX. Firm expects an in-line FQ2 for INVX, and Q/Q rev growth in FQ3 based on low HDD channel inventories and new non-HDD wins reaching volume. Firm states they would take advantage of weakness, given additional FSA and non-HDD wins should help broaden the base away from STX