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Old 01-05-2004, 09:57 AM
jjgold jjgold is offline
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Default Tech Reports Monday

Tech investors greeted the new year with optimism after the ISM index rose a better than expected 3.4 points to 66.2 for December, surpassing the record 62.8 reached in November. New orders hit a 20 year high at 77.6. As with economic data released earlier in the week, tech investors were encouraged but not energized by the news. Trading mirrored Wednesday's action, with investors taking profit in large cap tech and buying growth / better value in smaller tech. Large cap tech opened the day higher, slipped into negative territory after fifteen minutes and sold off in the final two hours of trading. At the close, the Philadelphia Semiconductor Index (SOXX 504.85 -3.27) ended down 0.64% while the Briefing.com Tech Index (BTI) closed up 1.2%. Decliners outnumbered advancers 1.6:1 on the SOXX, with decliners slipping 1.0% and advancers gaining 1.9%. This compares against BTI companies, where advancers outnumbered decliners 1.8:1, with advancers rising 3.3% and decliners sliding 2.1%. The Nasdaq Composite (IXIC 2006.68 +3.31) gained 0.17%.

Agere Systems (AGRA 3.10 +0.05) announced the company acquired TeraBlaze, a privately held developer of GbE (Gigabit Ethernet) switching solutions for equipment providers addressing SOHO (small office, home office) and enterprise applications. Please visit the Story Story page for our assessment of the acquisition and investment summary.

Looking ahead, Extreme Networks (EXTR 7.31 +0.10) reports Q2 results before the open on Monday. Reuters Research pegs consensus EPS at ($0.03) on revenue of $83.01MM. Infosys Technologies (INFY 99.30) reports Q3 results before the open on Thursday. Consensus is at $0.51 on $262.44MM. On the economic front, look for 1) December Auto Sales and November Construction Spending on Monday, 2) November Factory Orders and December Non-Manufacturing ISM on Tuesday, 3) Weekly Initial Unemployment Claims, November Wholesale Inventories and November Consumer Credit on Thursday; and 4)December Nonfarm Payrolls and Earnings Data on Friday.

We remain moderately bullish on technology shares over the long-term. Shares are likely to be volatile given generally high valuations. We would take advantage of the volatility to buy into quality, attractively priced names / sell richly priced shares into strength as part of a rebalancing of the tech portion of the portfolio to a neutral market weight. Please visit the Story Stocks and Daily Sector Wrap pages for the latest thinking on investment opportunities across market sectors, and the Page One, Looking Ahead and Economic Briefing pages for broad market perspective and outlook. For active investors and traders, visit the In Play, Swing Trader, and The Technical Take pages for actionable ideas.


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Old 01-05-2004, 09:58 AM
jjgold jjgold is offline
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Computer Systems & Peripherals
There was no news of note in the Computer Systems & Peripherals industry.

Networking
There was no news of note in the Networking industry.

Internet
Commerce One (CMRC) 1.57 +0.30: Co announced that it has received a $5.0 million financing from ComVest Investment Partners II, a targeted $250 million investment fund. CMRC to use the net proceeds from the financing to increase the sales and marketing efforts for the Commerce One Conductor platform, as well as for general working capital needs.

Semiconductor
Advanced Power (APTI) 9.73 +1.09: Company now sees Q4 revenues of $12.4 mln, vs the First Call consensus of $11.8 mln and above upper end of previously guided revs of $11.5-12.0 mln, due to increased customer order levels. Co also states that its book-to-bill ratio in Q403 was expected to close at approx 1.23, compared to book-to-bill ratio of 0.85 in Q3.

Agere Systems (AGR.A) 3.10 +0.05: Co announced that it acquired TeraBlaze, a privately-held developer of Gigabit Ethernet switching products. This acquisition will enable Agere to provide single-chip GbE products to equipment providers addressing SOHO (small office, home office) and enterprise applications. It was a stock transaction for approximately 6.92 mln shares of Agere Class A common stock, valued at about $21 mln.

Tower Semicon (TSEM) 8.86 +0.97: Company, along with Vishay Intertechnology (VSH) subsidiary Siliconix Inc.(SILI), announce a memorandum of understanding for long-term manufacturing and supply arrangement between the parties. SILI will place with TSEM orders valued at approx $200 mln for the purchase of semiconductor wafers to be manufactured in Tower's Fab 1 over 7-10 year period, of which approx $53 mln is guaranteed and will be delivered over 3 yr period starting at the first anniversary of a definitive agreement which is expected to be signed during Q1 of 2004
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Old 01-05-2004, 09:58 AM
jjgold jjgold is offline
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Join Date: Jan 2002
Posts: 45,795
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Semi Equipment
There was no news of note in the Semi Equipment industry.

Software
Computer Assoc (CA) 27.09 -0.25: USB Piper Jaffray reiterated OUTPERFORM. Target $28 to $31. Firm expects Dec qtr revs to beat mgmt's guidance of $797-$817 mln.

Telecom Equip
There was no news of note in the Telecom Equip industry.

Telecom Services
There was no news of note in the Telecom Services industry.
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