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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Tito L. Nisperos Jr. who wrote (29708)	4/26/1999 11:23:00 AM
From: Proud_Infidel	Respond to of 70976

April 26, 1999 Dow Jones Newswires Japan's Chips Shrs Up;Buoyed By Tokyo Electron's Pft Outlook Dow Jones Newswires TOKYO (Nikkei/Dow Jones)--Shares of Japanese semiconductor companies remain higher Monday afternoon on the Tokyo Stock Exchange, buoyed mainly by a rally in Tokyo Electron Ltd. (J.TKE or 8035) shares on the back of an upward revision in the company's earnings estimates for the year ended March 31, traders said. The leading Japanese semiconductor trading company said last Friday it now expects a group net profit of Y1.8 billion for the fiscal year ended March 31, compared with a group net loss of Y4 billion for the period, forecast in November. The company said overseas sales of semiconductor manufacturing equipment were better than it had earlier anticipated and the company was able to achieve reductions in manufacturing costs greater than thought at group companies. Encouraged by Tokyo Electron's brighter earnings projections for fiscal 1998, domestic institutional and individual investors are broadly buying semiconductor shares, a trader said. Around 0505 GMT (1:05 a.m. EDT), Tokyo Electron shares were up Y330, or 4.8%, at Y7,180 on volume of 1.1 million shares. Dresdner Kleiwort Benson raised its rating of shares in Tokyo Electron to a "reduce" rating from a "sell," citing the expectation of an increase in orders at Tokyo Electron. An analyst at Dresdner Kleiwort Benson said in a report that in terms of earnings, Tokyo Electron will have the advantage over Advantest Corp. (J.ADV or 6857), a leading producer of semiconductor testing devices. But the analyst warned that market consensus on semiconductor stocks is probably too optimistic in terms of price-to-earnings ratios. Deutsche Securities affirmed its "outperform" rating on Tokyo Electron shares. Advantest shares were up Y260, or 2.7%, at Y9,880 on volume of 410,700 shares. Shares of Nikon Corp. (J.NIK or 7731) were up Y117, or 7.4%, at Y1,695 on volume of 4.4 million shares. Nikon shares are probably drawing buying by players thinking that the stock has been undervalued, an analyst at Deutsche Securities said.