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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Compadre who wrote (50216)	7/2/2004 10:55:50 AM
From: Nancy	Read Replies (2) \| Respond to of 52237

ISSI warning is another sign that some where in the channel is no good. 10:09 INTC Intel downgrade details (26.44 -0.58) -- Update -- As reported in 09:54 comment, Deutsche downgrades INTC to Hold from Buy. In firm's opinion, supply chain uncertainties surrounding the Grantsdale chipset and Taiwan MB shipments have put INTC's 3Q D/T growth at risk. Firm lowering Q3 est to reflect this risk and reducing tgt to $28 from $33... would consider stock attractive in $24-25 range... firm reduces Q3 top-line growth est to 5.7% from 7.7% and EPS est to $0.30 from $0.32 (Reuters consensus $0.32). 10:34 Notable Mentions: SIA data, ISSI Legg Mason comments on SIA data: Legg Mason comments that this morning's SIA report continues to paint an increasingly positive picture of an accelerating industry, which fir believes foreshadows a fairly near-term strong rebound in sector valuations ahead of a solid second half performance. The data is highly consistent with the information firm has heard from its channel contacts and the overall chip industry over the past several weeks. Although the sector was not completely immune to seasonal patterns earlier in the year, the softness was definitely more muted than normal. Firm notes that its concern regarding high utilization rates has been a building issue for the past several months and believe we are now beginning to see the evidence of the development of this scenario... Integrated Silicon (ISSI 10.40 -0.65): Schwab Soundview comments that ISSI negatively preannounced its June quarter last night, citing lumpy wafer availability from SMIC for 16- and 64-meg DRAM parts and an overall consumer market slowdown in June. Co states the shortfall is in-line with their comments last week, when they reduced estimates to below consensus levels; however, it is at a greater magnitude than they had previously expected. Firm believes the bulk of the miss is a result of demand, not supply. Firm views last night's estimate correction as more a speed bump rather than an indication of a downcycle and is lowering estimates (revs to $58 mln from 62 mln, EPS remains at $0.15) and trimming price target to $23 from $24 accordingly