Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Gottfried who wrote (43701)	3/10/2009 10:45:21 PM
From: Return to Sender	1 Recommendation Respond to of 95536

From Briefing.com: 4:30 pm : All three major indices registered fresh multiyear closing lows in the prior session, but came rallying back this session to log their best single-session performance by percent in months. The rebound came after Citigroup issued an encouraging update and reports indicated the uptick rule may be reinstated. Citigroup (C 1.45, +0.40) told investors that it earned a profit during the first two months of 2009. Given the conditions and challenges facing the financial sector, news that the beleaguered financial giant is moving in the right direction supported a bid for financial stocks. Financial stocks were further bolstered by reports that House Financial Services Chairman Barney Frank said he believes the Securities and Exchange Commission (SEC) will reinstate the uptick rule as early as next month. The rule would help prevent traders from adding to the momentum of falling stocks. That could be particularly helpful to financial stocks, which have fallen more than 40% year-to-date. Investors are also hoping that a congressional committee meeting this week will move to temporarily relax mark-to-market rules. The rules have caused banks and financial firms to incur massive write-downs, which have driven losses and destroyed capital. Rep. Frank stated mark-to-market accounting rules must be improved, but Senator Shelby says any mark-to-market accounting changes should be made by the SEC. The SEC stated it will not seek to suspend such rules. Financial stocks surged 15.6% this session, providing leadership to the broader market, which had become quite oversold in recent sessions. The stock market's advance was further helped by short-covering. Still, trading volume on the NYSE climbed above 2 billion shares, which is well above recent averages, suggesting there was also some conviction behind the advance. Roughly 97% of the companies in the S&P 500 finished with a gain. All 30 of the Dow components closed higher. Investors showed little reaction to Fed Chairman Bernanke's speech about financial reform and systemic risk. Other corporate news also had little effect on sentiment. Whirlpool (WHR 23.11, +3.72) reaffirmed its 2009 outlook, which allows for an upside surprise, but United Technologies (UTX 40.79, +3.23) issued estimates that fall short of the consensus. Texas Instruments (TXN 15.66, +0.97) and Exelon (EXC 42.57, -1.27) expect earnings that are in-line with analysts' expectations. Kroger (KR 21.44, +1.98) issued upside guidance along with better-than-expected fourth quarter earnings results. Economic data was lackluster. Monthly wholesale inventories fell 0.7% in January. Economists, on average, expected a decline of 1.0% in January. The prior reading was revised modestly lower to reflect a 1.5% decline. DJ30 +379.44 NASDAQ +89.64 NQ100 +6.6% R2K +7.1% SP400 +6.9% SP500 +43.07 NASDAQ Adv/Vol/Dec 2243/2.15 bln/468 NYSE Adv/Vol/Dec 2918/2.15 bln/221 4:32PM Qualcomm: Korea Fair Trade Commission issues Case Examiner's report to QCOM (QCOM) 35.36 +2.36 : The co confirms that the Korea Fair Trade Commission (KFTC) has issued a Case Examiner's Report setting forth allegations with respect to the lawfulness of certain business practices related to Qualcomm's integration of multimedia solutions into its chipsets, rebates and discounts provided to its chipset customers. The Case Examiner's Report does not indicate what specific remedies may be sought. Qualcomm believes its actions have been lawful and over the next several months plans to submit its response to the allegations. 4:04PM Flextronics announces restructuring; to recognize between $220-250 mln in charges (FLEX) 2.21 +0.35 : The co announces announced restructuring plans which are intended to rationalize the Company's global manufacturing capacity and infrastructure as a result of the current macroeconomic conditions and decline in demand from its OEM customers. The current global economic crisis and related decline in demand for its customers' products across all of the industries served has caused its OEM customers to reduce their manufacturing and supply chain outsourcing, ultimately impacting the Company's capacity utilization levels. Flextronics's restructuring activities are intended to improve its operational efficiencies by reducing excess workforce and capacity. Additionally, the cost reductions and other activities will result in a further shift of manufacturing capacity to locations at the Company with higher efficiencies and, in most instances, lower costs... Flextronics expects to recognize between $220 million and $250 million in pre-tax restructuring and impairment costs over the course of the Company's fiscal years 2009 and 2010. 10:25AM Taiwan Semi raises Q1 guidance (TSM) 8.21 +0.47 : Co discloses net sales for February 2009: On an unconsolidated basis, sales were approximately NT$11.50 bln, a decrease of 7.5% from January 2009 and a decrease of 59.5% from February 2008. On a consolidated basis, net sales for February 2009 were approximately NT$ 12.18 bln, a decrease of 7.2% from January 2009 and a decrease of 58.4%t from February 2008. In addition, "TSMC's first-quarter business is expected to be better than the company's previous guidance given on January 22, 2009," said Lora Ho, VP and Chief Financial Officer of TSMC. "Primarily due to quick orders from customers, especially from the mainland Chinese market, and a stronger US dollar, TSMC now expects first-quarter revenue to be between NT$36 billion and NT$38 billion, higher than the previous expectation of between NT$32 billion and NT$35 billion." TSMC's expectation for first-quarter gross profit margin is now between 14% and 16%, and operating profit margin is between -2% and 0%, compared with the previous guidance of 1% to 5% for gross profit margin and -19% to -15% for the operating profit margin." 7:24AM JA Solar misses by $0.09, beats on revs; guides FY09 revs in-line (JASO) 2.07 : Reports Q4 (Dec) loss of $0.11 per share, $0.09 worse than the First Call consensus of ($0.02); revenues rose 16.1% year/year to $144 mln vs the $117.9 mln consensus. Co issues in-line guidance for FY09, sees FY09 revs of $830-952 mln vs. $853.87 mln consensus. JA Solar's target for total production for 2009 output is 500 MW to 550 MW. The nameplate production capacity by year-end 2009 is expected to be 875 MW. 08:35 am Texas Instruments (TXN) Texas Instruments (TXN 14.69) updated its first quarter guidance Monday evening, narrowing the range it projects for both earnings per share and revenues. Texas Instruments now said it expects first quarter earnings per share to range from a loss of $0.08 to breakeven; the First Call consensus expects a loss of $0.02 per share. Earlier guidance from the company pegged earnings per share between a loss of $0.11 and profit of $0.03. The company said its EPS estimate includes $0.04 per share impact resulting from about $80 million of estimated restructuring charges. Previously, the company had estimated restructuring charges of about $50 million in the quarter, or $0.03 per share. The Dallas-based company also tightened the range on its revenue expectations, calling for revenues between $1.79 billion and $2.05 billion. The consensus stands at $1.86 billion. Texas Instruments' earlier revenue guidance was between $1.62 billion and $2.12 billion. Texas Instruments said on its conference call that it significantly reduced inventory in the fourth quarter and expects another significant reduction in Q1. The company said it is ahead of schedule on cost reduction initiatives.