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14:47 ET S&P 500 back to the lows : -- Technical -- The index has established fresh session lows this afternoon and is now flirting with support near 890 (62% retrace of the recent recovery rally). Short term need a recovery back through the 894/895 area to help improve the very short term bias. Failure initially exposes support in the 888/887 area with secondary floors coming into play near 885 and 882/881.
14:46 ET AOL Time Warner may get negative WSJ story, could miss estimates - Jefferies (AOL) 12.63 -0.62: -- Update -- Sources are telling us that Jefferies believes there will be a negative article in the Wall Street Journal on AOL as early as tomorrow (perhaps not a bad bet, given how often the Journal carries negative AOL stories); in addition, firm reportedly expects AOL cash flow to increase by only 2% vs the 5-9% increase forecast by the co.
14:16 ET Teva Pharm gets summary judgment for invalidity of patent (TEVA) 67.45 +0.25: Announces that a U. S. District Court judge has granted TEVA's motion for summary judgment of invalidity finding a patent relating to the generic equivalent of ABT's Vicoprofen; the FDA has been informed of the judge's order and the co is hopeful that its ANDA will receive final approval shortly.
15:12 ET Reuters reports jet grounded in Houston after "security incident" :
I think this ruling is going to make for some very nervous shorts.
BWTHDIK?
14:01 ET Network Appliance: positive comments from Pru (NTAP) 9.45 +0.15: Following meetings with a number of storage co's, Prudential says that overall they believe that NTAP will be among the best positioned to leverage a rev recovery; co remains comfortable with their 2-5% QoQ rev growth target but expects growth to accelerate throughout the FY as the co gains share and ramps new products; in addition, U.S. and Asia/Pacific demand were noted to be improving while Europe was weakening.
13:40 ET Rambus comments on European Patent Office rulings (RMBS) 6.04 +0.63: "While aspects of today's ruling will likely complicate and delay the proceedings in Europe, we are pleased that the originality and inventiveness of our patents have been affirmed."
European Patent Office Issues Rulings On Rambus Patent
Wednesday September 11, 1:36 pm ET
LOS ALTOS, Calif.--(BUSINESS WIRE)--Sept. 11, 2002--Rambus Inc., (NASDAQ:RMBS - News) announced that the European Patent Office (EPO) today made several rulings related to Rambus' European patent 0 525 068. The EPO affirmed the novelty and inventiveness of the patent, rejecting numerous "prior art" arguments raised by three major semiconductor manufacturers. The EPO also applied a unique aspect of European patent law, confirming the validity of Rambus' patent only as further amended to conform more closely to the language as originally filed in 1990. This last aspect of today's ruling, which reversed a prior EPO decision, will be appealed by Rambus. It is not expected to affect litigation in the United States, where different law applies and more extensive claim amendments are permitted.
"While aspects of today's ruling will likely complicate and delay the proceedings in Europe, we are pleased that the originality and inventiveness of our patents have been affirmed," said John Danforth, senior vice president and general counsel for Rambus.
Editor's Note: the Rambus claim language as amended today can be found on Rambus' website later today at www.rambus.com.
About Rambus
Rambus is the leading developer and marketer of breakthrough chip-to-chip interface technology, products and solutions to the electronics industry. The company licenses its technology in the form of ASIC cells that are incorporated into high-performance memory and logic chips by 25 of the world's top semiconductor makers. The company's ASIC cells and system-level solutions are incorporated into hundreds of unique electronic products.
Rambus is a registered trademark of Rambus Inc. Other trademarks that may be mentioned in this release are the intellectual property of their respective owners.
This press release contains forward-looking statements. These statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs, possible litigation outcomes and effects and certain assumptions made by the Company's management. You can identify these and other forward-looking statements by the use of words such as "may", "will", "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "potential," "maintains", "continue" or the negative of such terms, or other comparable terminology. Forward-looking statements also include the assumptions underlying or relating to the foregoing statements. Actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those identified in the Company's recent filings with the Securities and Exchange Commission, including its recently filed Form 10-Q, and also including the uncertainty of new technologies; and the uncertainty regarding the technical and market demands for such technologies. All forward-looking statements included in this press release are based on information available to Rambus on the date hereof. Rambus assumes no obligation to update any forward-looking statements.
--------------------------------------------------------------------------------
Contact:
Rambus Public Relations
Linda Ashmore, 650/947-5411
lashmore@rambus.com
or
The Hoffman Agency
Robin Owen, 408/975-3080
rowen@hoffman.com
http://biz.yahoo.com/bw/020911/110096_1.html
13:33 ET S&P 500 holding 50-day simple moving average : -- Technical -- Index demonstrating relative strength versus the major indices, currently maintaining a posture above its 50-day simple moving average at 910. If 910 should fail as support, look for a subsequent floor at its 20-day exponential moving average of 905. To the upside, watch for initial resistance in the range of 921 to 923.
So far your timing looks spot on Zeev.............
13:07 ET Genesis Microchip strong on Dell rumor (GNSS) 8.21 +0.58: Stock has been strong this morning due to a rumor that DELL is sold out of 15 inch flat panel displays (also, co holds its mid-qtr update tomorrow at 5 PM ET); however, this rumor is being viewed skeptically by others, who point out that DELL holds no inventory of flat panels and hence can't be "sold out", and that DELL's flat panel levels may have been skewed due to their recent special on those products.
12:39 ET CIBC says semi estimates still need to be trimmed : The SOX (+3.7%) is shrugging off a cautious morning comment from CIBC, which said that expectations for 2003 will have to be trimmed to discount a "reasonable" slow growth, single-digit scenario; firm's expectations remain one of muted seasonality in semi mkts and muted cyclicality in semi equipment mkts with no major signs of deviation through year-end.
QQQ's @ $23.79 - to da moon <gg>
15:30 ET Reminder: NYSE open delayed on Sept 11 : The New York Stock Exchange will open for trading 30 minutes after the conclusion of the memorial service being held at the World Trade Center site, but not before 11 ET. Should the event last longer than its anticipated 10:29 a.m. conclusion, the NYSE will delay its opening beyond 11 a.m. The Exchange will announce the exact timing of the opening bell following conclusion of the memorial service... The NASDAQ Stock Market will open at 11 a.m.
15:02 ET Equities advance as shorts fear relief rally : Equities helped by cleaning up of positions by short-sellers. Investors may remember that market experienced a rather sizeble relief rally after Independence Day passed without incident. On July 5, Dow soared 325 pts and the Nasdaq raced 68 pts higher - and that was just a half-day.
Pat Sajak, Vanna White Will Help IGT Launch Newest Version Of Wheel of Fortune(R) Slot Machine at Global Gaming Expo
Tuesday September 10, 2:19 pm ET
RENO, Nev., Sept. 10 /PRNewswire-FirstCall/ -- Pat Sajak and Vanna White, the stars of TV's syndicated Wheel of Fortune® game show, will provide star power at IGT's (NYSE: IGT - News) booth when the leading gaming machine manufacturer unveils more than 70 new products -- including a new Wheel of Fortune® video slot -- at the Global Gaming Expo (G2E)..........
http://biz.yahoo.com/prnews/020910/latu064_1.html
What's up with the Naz TICK below -500 for nearly 15 minutes with the Naz TRIN near .53?? Something doesn't seem kosher here.
IBM to Supply Technology for Online Movie Venture
9/9/02 3:03 PM
Source: Reuters
LOS ANGELES (Reuters) - Computing giant International Business Machines Corp. said on Monday it will supply the technology to run Movielink, a joint venture of five major film studios that will provide movies to consumers over the Internet.............
http://investor.cnet.com/investor/news/newsitem/0-9900-1028-20385142-0.html?tag=ltnc
*OT* And you certainly have a plethora of them LG
test
A blond calls her husband at work one day and asks him, "Can you help me when you get home?"
"Sure," he replies. "What's the problem?"
"Well, I started a really hard puzzle and I can't even find the edge pieces."
"Look on the box," he said. "There's always a picture of what the puzzle is."
"It's a big rooster," she said.
The husband arrives home and tells his blond wife,
"Okay, put the corn flakes back in the box."
11:01 ET New 52-Week Lows : PMC-Sierra (PMCS), National Semi (NSM), Business Objects (BOBJ), URS Corp (URS), Gateway (GTW), Cirrus Logic (CRUS), Semtech (SMTC), Curagen (CRGN).
10:26 ET Cisco Systems (CSCO) 12.96 +0.19: -- Correction -- We incorrectly stated at 10:07 that CSCO made cautious comments at the Salomon Smith Barney tech conference; in fact, Cisco was not making cautious comments - Salomon was making cautious comments about CSCO.
10:24 ET Sector Watch: Semiconductor : Better than 6% surge in early trade has been led by Intel (+8.2%) and the semi equipment components (AMAT +6.5%, KLAC +6.5%, NVLS +7.1%) but the index (SOX at 290) has edged slightly off of the best level of the day after testing resistance in the 292/293 area. Intraday supports are at 288 and 285. Continued posture above here leaves the door open for an extension. Next resistance is at 296/297. Support for the Semi HOLDRs is at 23.30, 23.10 and 22.8.
18:16 ET CDW Computer raises Q3 guidance (CDWC) 41.30 -1.77: Company issues upside preannouncement for Q3 (Sep), expecting EPS of $0.58-$0.61 vs Multex consensus of $0.52; sees revenues of $1.125-$1.145 bln (Multex consensus $1.107 bln); says sales of Microsoft products were particularly strong in July due to changes in their licensing programs.
17:44 ET Intel (INTC) 15.11 -1.00: -- Update -- On its call, company pretty much sticks to press release and is hesitant to get into too much detail as it's only a mid-quarter update. Asia and Japan is slightly softer than expected. US and Europe are about as expected... As for pricing, company declines to get specific but the mix of Pentium4 to Celeron is as expected... stock at 15.67.
17:40 ET Intel maintains cap-ex guidance (INTC) 15.11 -1.00: -- Update -- On its mid-qtr call, Intel maintains 2003 cap-ex guidance of $5.0 - $5.2 bln. This is good news for the semi equipment sector as some had feared a decline in guidance... stock at 15.51.
SANS SUCKERS MUST DIE ©
use this with no spaces - & copy ;
16:34 ET McDATA CFO reaffirms guidance -- Dow Jones (MCDT) 8.81 +0.32: CFO reaffirms guidance on Q3 revs -- sees sales in the range of $83-$84 mln vs the current Multex consensus estimate of $83.3 mln.
Intel Third-Quarter Business Within Expectations
Business Editors/High-Tech Writers
SANTA CLARA, Calif.--(BUSINESS WIRE)--Sept. 5, 2002--Intel
Corporation today provided a planned update to the company's Business
Outlook for the third quarter, which ends Sept. 28.
Intel expects revenue for the third quarter to be slightly below
the midpoint of the previous range of $6.3 billion to $6.9 billion,
and within a narrower range of $6.3 billion to $6.7 billion.
Microprocessor unit sales are trending toward the lower end of the
normal seasonal pattern. The company's flash business is in line with
expectations, while demand for other communications products remains
soft. All other expectations are unchanged.
Intel's third-quarter 2002 Business Outlook was originally
published in the company's second-quarter 2002 earnings release,
available on the Intel Investor Relations Web site at www.intc.com.
Intel will host a public webcast at 2:30 p.m. PDT today on the
Investor Relations Web site. A replay of the webcast will be available
until Sept. 12 on the Web site and by phone at 719/457-0820, passcode
472959.
Intel, the world's largest chip maker, is also a leading
manufacturer of computer, networking and communications products.
Additional information about Intel is available at
www.intel.com/pressroom.
13:56 ET CNN reports possible break-in at chemical facility :
14:21 ET QLGC turns higher amid rumor co sees results at high-end of guidance 32.96 +0.60: Comments reportedly made a the Salomon Smith Barney Tech conference. QLGC shares have surged 5% over the last 20 minutes.
10:14 ET Qualcomm gives upbeat presentation at Solly conference (QCOM) 27.35 +0.46: We are hearing that QCOM gave a positive presentation at Salomon Smith Barney's tech conference this morning; co reaffirmed their forecast for 80-85 mln chipsets this year, which is above Street ests, and said next qtr may not be seasonally weak; also, speculation among traders today that Samsung is going to make their own 1x chipsets is nothing new.
QLGC (making new lows), & most of the Q for that matter are looking rather sickly Zeev. Any thoughts on this?
mlsoft,
I'm 100% cash & sitting on my hands. I've got a feeling that we see new lows soon too, but not with the conviction to short even the QQQ's right now. If we do run up on anemic volume while the new highs/new lows list failing to expand the new highs, I will edge into select shorts.
I'd rather have opportunity costs to regret instead of real, significant losses.
BWTHDIK?
Ö¿Ö
16:46 ET Novellus comments on IT spending (NVLS) 24.29 +0.11: -- Update -- On its call, company says corporate spending has been very slow, but Q3 is seeing a slight uptick. Consumer spending has slowed and is more than offsetting the uptick on the corporate side... stock at 23.70.
16:43 ET Novellus suffers from push-outs (NVLS) 24.29 +0.11: -- Update -- On its call, company says bookings guidance of $220 mln could be "as low as $200 mln".....Over the last three weeks, NVLS has seen "significant push-outs from two key customers.".... stock at 23.62.
16:40 ET Novellus (NVLS) 24.29 +0.11: -- Update -- On its conference call, company lowers Q3 bookings guidance to $220 mln vs July 22 guidance of $250 mln... shipments should be $245 mln vs earlier guidance of $260 mln due to push-outs from key customers.... stock at 23.70.
16:38 ET Sun Microsystems says no improvement in IT spending environment (SUNW) 3.83 -0.13: During mid-qtr update, says it has seen no improvement in IT spending environment, and notes some would say it has even worsened... expects fiscal Q1 revenues will now be closer to the bottom end of the 10-15% sequential decline range it previously provided, plus or minus a small amount... sees no significant change in gross margin rate or operating expense spending level versus Q4.
16:38 ET Novellus guiding lower (NVLS) 24.29 +0.11: -- Update -- On its conference call, company guides lower. Q3 revenue and EPS goes to $230 mln and breakeven vs Multex consensus of $250 mln and $0.10...stock at 24.06.
Well how about that...... QLGC is finally outperforming the QQQ's..... wait... no it isn't.... 'er, yes it is..... OOF..... nope, not now..... OOH OOH now it is..... chit!
Well at least it isn't underperforming for the moment.
:-o
13:50 ET Market Internals : Volume running ahead of yesterday's levels seen at this time, but is about the mid-point of the range for the week. Dramatic pick up in New lows on both the NYSE and Nasdaq. On the latter, New Lows outpacing Highs 4-to-1. Contributing to this negative trend is recent weakness in the SOX. Among stocks in the Chip space on the low list today are TER, CHRT, FCS, HELX.
17:32 ET TriQuint Semi says Q4 looking fine (TQNT) 5.45 -0.33: -- Update -- During Q3 mid-qtr update, company said, without giving any specific guidance, that Q4 is looking like its fine right now... notes bookings plan pretty much on schedule... TQNT +0.07 at 5.52
17:18 ET TriQuint Semi maintains guidance (TQNT) 5.45 -0.33: -- Update -- During mid-qtr update, says it is sticking by Q3 guidance it provided in July for revenues in range of $69-74 mln, gross margins at approx. 35%, and earnings at breakeven to a loss of $0.02 per share (Multex consensus -$0.01)... on a GAAP basis, projects a loss of $0.07 per share.... TQNT +0.06 at 5.51
17:18 ET TriQuint Semi maintains guidance (TQNT) 5.45 -0.33: -- Update -- During mid-qtr update, says it is sticking by Q3 guidance it provided in July for revenues in range of $69-74 mln, gross margins at approx. 35%, and earnings at breakeven to a loss of $0.02 per share (Multex consensus -$0.01)... on a GAAP basis, projects a loss of $0.07 per share.... TQNT +0.06 at 5.51