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

To: Gottfried who wrote (15518)	6/2/2004 4:34:41 PM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 95367

For the record - morning update for NASDAQ. <<Ridgeland, MS, JUN 02, 2004 (EventX/Knobias.com via COMTEX) -- The Nasdaq quickly gave up its opening gain on a sharp decline in semiconductor shares. The selling was partly inspired by a Smith Barney downgrade of the semi equipment group has spread to chip manufacturers as well. Good news has lost its power. AMKR (upgrade) and ALTR (guidance) are down. Retailers are also lower, HD and LOW were hit with downgrades one day ahead of May sales reports for the sector. DCX is leading the Big 3, ahead of their May auto sales reports today. Biotechs (BBH) are bucking the Nasdaq downturn. BIIB & MEDI are up on morning upgrades. * Technology (-) Xilinx (XLNX) offered in-line June quarter revenue guidance. However, it RAISED its gross margin target to approximately 64%. (-) Altera (ALTR) is lower after guiding sequential Q2 revenue to the high end of its earlier 7 to 9% growth view. This is ABOVE the current Multex estimate which calls for 7.7% sequential growth. The company expects to ship Stratix II devices to customers, on schedule, during the second quarter. (-) Fairchild Semiconductor (FCS) reported its backlog is up 17% from the end of its prior quarter. The Company reported "extremely strong and broad based" demand, and says gross margins could exceed their prior peak. The company reiterated its current quarter guidance.>> [snip] <<--- Semi Equipment: While Smith Barney sees signs of a cyclical top starting to materialize, the firm does not expect the process to fully play out until mid-2005. In the meantime, the only stocks they like are late-cycle/derivative plays or those with attractive valuations. (-) Applied Materials (AMAT), KLAC, NVLS & TER were DOWNGRADED to Hold at Smith Barney (tgt $23). (+) Amkor (AMKR) and MEMC Electronic Materials (WFR) were UPGRADED at Smith Barney.>> [snip]