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[marketmaven]

NVLS breaks out on uninspired midQ guidance-UFB?

Novellus-NVLS: Mid-Q Update Technical Summary
The stock was teetering right on the midpoint of its short-term bullish price channel ($32.40) coming into the update this morning. As of this writing the stock was still stuck at this pivot point. A sustained move above the midpoint may lead to an up move to resistance at $33.01, $33.67 and to the upper limit of the price channel at $34.12. A sustained move below the midpoint may lead to a down move to support at $31.72, $31.20, $30.70 and to the lower limit of the price channel at $30.21. Stock has a relatively small short-base at 2.63 days to cover on 10-day average volume of 5.890M shares.

NVLS
Mid-Quarter update for Novellus-NVLS
THe company tightened its bookings range to down 5%-10% from flat-to-down 10% quarter over quarter. The company narrowed its shipments to 410M-420M from 410M-425M and raised its EPS guidance to 54c-57c from 49c-53c due to higher revenue levels. Consensus is for EPS of 54c.

NVLS
Novellus-NVLS downgraded to Accumulate from Buy@THNK
The firm says NVLS is no longer deeply undervalued and only expects gradual margin expansion from here. ???How with weak orders can this happen?