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

To: Woody_Nickels who wrote (40124)	9/10/2008 9:38:12 PM
From: Return to Sender	2 Recommendations Respond to of 95632

From Briefing.com: 4:30PM Mattson announces cost alignment plan; co to reduce ~14% of global workforce, will result in an adverse impact on the co's Q3 earnings (MTSN) 5.20 +0.08 : Co announced the implementation of a Cost Alignment Plan (the "Plan"), designed to reduce the Company's cash losses from operations while continuing strategic investments in key growth markets. As a result of the Plan, MTSN will eliminate ~80 positions, or about 14% of the co's global workforce. Manufacturing positions comprise ~50% of the positions impacted, primarily as a result of the co's efforts to expand outsourcing operations for systems that are currently manufactured in Germany. Worldwide customer support will not be materially impacted by the Plan. It is expected that the headcount reduction and other cost alignment activities will be completed by the end of Q2 of 2009. The co anticipates that the Plan will result in annualized savings of ~$6 mln. MTSN expects to record restructuring-related charges in the range of $4.5-5.5 mln in connection with the Plan. These one-time pre-tax charges will be comprised of employee severance pay expenses and facility optimization costs and represents cash expenditures. This will result in an adverse impact on the co's Q3 earnings, and will impact subsequent quarters until the Plan is completely executed. 4:30PM Actel reduces third quarter revenue guidance (ACTL) 11.31 +0.04 : Co believes that Q3 2008 revenues will decline sequentially 7-9%, down from previous guidance of +1% to -3% sequentially (First Call Consensus is for -1.04% sequential decline) due primarily to weakness in the Asian consumer market. Gross margin is expected to be about 58%, up from previous guidance of 57%. (stock is halted) 4:23PM Rackable Systems and NetApp partner to offer storage for customized data centers (RACK) 10.76 +0.14 : Co announces a partnership with NetApp (NTAP) to offer customers best-of-breed server and storage solutions for enterprise environments. Under terms of the agreement, RACK is joining NTAP's Embedded Systems Vendor Program and will integrate NetApp storage into RACKs' built-to-order Eco-Logical data center server and infrastructure offerings. 4:00PM Intl Rectifier urges shareholders to take no action with respect to Vishay unsolicited proposal (IRF) 22.67 +1.57 : Co urged shareholders to take no action with respect to the unsolicited proposal announced today by Vishay Intertechnology (VSH) to acquire all of the outstanding shares of IRF common stock for $23.00 per share in cash. Richard Dahl, the Chairman of the Board of IRF, commented: "We will, as we have in the past, carefully review Vishay's proposal in consultation with our financial and legal advisors, Goldman, Sachs & Co. and Fried, Frank, Harris, Shriver & Jacobson, LLP, respectively. We wish to clarify that we have not entered into negotiations with Vishay because it had submitted, until today, only one proposal, for $21.22 per share on August 14, that was rejected by our Board." 8:32AM Intl Rectifier: Vishay Intertechnology increases all-cash proposal for International Rectifier to $23.00/share in cash from $21.22/share (IRF) 21.10 : Vishay Intertechnology (VSH) announces that it has increased the price of its all-cash proposal to acquire all of the outstanding shares of International Rectifier common stock to $23.00 per share. The transaction has a value of ~$1.7 bln in the aggregate. Vishay intends to commence shortly a tender offer to purchase all of the outstanding shares of International Rectifier common stock for $23.00 per share in cash. Co Vishay also announces that it has provided notice in accordance with International Rectifier's bylaws of Vishay's intention to nominate three independent candidates for election to the International Rectifier Board of Directors at the 2007 Annual Meeting of Stockholders. 4:20 pm : The stock market posted a solid gain Wednesday in a roller coaster session. Much of the volatility was fueled by a third quarter earnings preannouncement from Lehman Brothers (LEH 7.24, -0.55). The S&P 500 rose 1.6% with one hour left in the session, but settled with a gain of 0.6% following a late surge in broad-based selling interest. Eight of the ten economic sectors posted a gain. Lehman reported a third quarter loss of $5.92 per share, or $3.9 billion, which missed the consensus estimate that called for a loss of $3.35 per share. In addition, Lehman is cutting its common stock annual dividend to $0.05 per share from $0.68, plans to sell 55% of its asset management business, will spin off its commercial real estate assets and is in talks with BlackRock (BLK 216.79, +5.99) to sell roughly $4.0 billion of Lehman's UK residential mortgage portfolio. LEH rose as much as 19%, but the advance dissapaited with the stock settling at session lows with a 7% loss. Financials as a whole saw a great deal of volatility, trading between a range of -2.6% and +1.6% before ending the day with a 0.7% decline. The regional banks group fell 3.2%after Keefe Bruyette downgraded several regional banks, citing valuation. Washington Mutual (WM 2.36, -0.94) dropped 28% on reports that at least three potential acquirers are no longer interested in the company due to an accounting rule change. 2:40PM Photon Dynamics confirms closing status (PHTN) 12.97 -2.50 : Co announces that the principal remaining closing condition to its merger with Orbotech (ORBK) other than conditions that by their nature may only be satisfied at or immediately prior to the closing, is clearance by the Committee on Foreign Investment in the United States. The waiting period for CFIUS currently expires on September 29, 2008, although a response may be issued on an earlier date. Photon Dynamics and Orbotech are actively cooperating with CFIUS in its review of the transaction. 09:12 am Texas Instruments (TXN) Texas Instruments (TXN 21.71) expects third quarter revenue to range from $3.33 billion to $3.47 billion, which is a more narrow outlook than the $3.26 billion to $3.54 billion range it previously forecast. The company also tightened its profit outlook, seeing earnings between $0.42 and $0.46 per share, rather than the previous range of $0.41 to $0.47 per share. Texas Instruments provided the updated guidance Tuesday after hours. The narrowed outlook should provide some encouragement for investors after they sent shares to a new 52-week low yesterday. Shares of semiconductor companies have come under pressure during recent sessions as investors fear a weaker global environment will crimp demand in semiconductors' end markets. Less demand for new and replacement computers and products circles back to companies like Texas Instruments and peer Analog Devices (ADI 26.23). 7:41AM SEMI reports Q2 2008 worldwide semiconductor equipment figures; billings $7.83 billion : SEMI reports that worldwide semiconductor manufacturing equipment billings reached $7.83 bln in the second quarter of 2008. The billings figure is 26% less than the first quarter of 2008 and 29% less than the same quarter a year ago. The data is gathered in cooperation with the Semiconductor Equipment Association of Japan from more than 150 global equipment companies that provide data on a monthly basis. SEMI also reported worldwide semiconductor equipment bookings of $6.99 bln in the second quarter of 2008. The figure is 30% less than the same quarter a year ago, and 13% less than the bookings figure for the first quarter of 2008. "Spending for new semiconductor equipment is down considerably as anticipated," said Dan Tracy, senior director of Industry Research and Statistics at SEMI. "Overall 2008 spending will approach 2005 levels, with a recovery expected for next year."