Sector Investing

[ReturntoSender]

From Briefing.com Semiconductor Related: 10:53AM Sector Watch: Semi Index -SOX- : -- Technical -- Index (SOX 452, +1.9%) tacks on solid gains with it recently probing resistance at 453/454 which marks the top of the April 29/30 range, a short term trendline and its 20 exp avg -hourly. Intraday posture above 449 and 447 keeps the pattern of the recovery off Friday's low favorable. Next resistance is at 459/460 (congest and 38% retrace off April 23 high and 465 (50%). An important level as the week unfolds is at 468 (initial pullback low on April 22 and Dec low).

10:37AM Axcelis Tech names Stephen Bassett as CFO (ACLS) 10.92 +0.41: Bassett has served as the co's interim CFO since last year.

10:36AM Loop Capital comments on SIA data : Loop Capital believes that SIA data could serve as a support for the Semiconductor space this morning after a week of rough sledding. While the info is more of a look in the rear-view mirror, firm thinks the numbers were solid with sales increasing to $16.28B from $15.58B in February. Firm believes this was another notable accomplishment for a first quarter to outpace a generally strong fourth quarter. All in all, these statistics support what we witnessed through 1Q04: solid results and some clear highway ahead in the near-term.

10:01AM ISM Index 62.4 vs Consensus 62.7 :

10:01AM Construction spending +1.5% vs 0.5% consensus :

9:58AM Nasdaq Composite holding near 200 day sma (COMPX) 1936 +15.00: -- Technical -- Firmer bias to start the week with the index edging slightly above initial resistance mentioned in The Technical Take in the 1933/1936 area (200 day sma, congest). Intraday watching support at 1932/1930 and 1926. Sustained posture above leaves the index in position to extend this morning's recovery attempt. Next resistance is in the 1944/1946 area followed by 1955/1957.

9:56AM Brooks Automation announces legal settlement in Israel (BRKS) 16.92 +0.14: Co announced that on 4/28 Brooks was notified by letter that a legal settlement had been concluded against it in Israel in the amount of approx $700K. The legal proceeding arose out of a dispute between PRI Automation, prior to the acquisition of PRI by Brooks, and an Israeli engineering services firm. The dispute pertained to an arrangement under which PRI engaged the services of the Israeli firm to obtain workers to perform work on a contract basis for PRI in Israel in 1997. Those workers were later hired by PRI as direct employees, and the Israeli firm subsequently filed suit alleging contractual violations and other damages. Co anticipates making payment of the full amount of the settlement to the Israeli firm during May 2004. Because this resolution provides additional evidence with respect to the expense associated with the previously disclosed legal proceeding, co will record the expense associated with the payment of this settlement in Q1 (Mar).

8:40AM Broadcom simplifies wireless LAN setup experience and improves coverage range (BRCM) 37.83: Broadcom today announced two new solutions that will significantly improves wireless connectivity for consumers who use 54g based equipment in their Wi-Fi networks. The first is an intelligent software tool that radically simplifies wireless LAN network installation and automatically configures security settings. The second is a highly integrated hardware module that can increase the range of 54g-based wireless LAN devices by up to 50 percent. Broadcom's new solutions will enable next generation 54g products not only to deliver higher performance wireless LAN access, but also to alleviate the usability concerns of many first-time Wi-Fi users.

7:40AM CSCO should report AprQ at upper end of guidance -- Piper 20.91: Piper Jaffray says Cisco finished Q3 (Apr) at the upper end of its 1%-3% guidance. A quarter with 3%-4% top-line growth is most likely. Within Advanced Technologies, VoIP and security products did particularly well. In addition, April closed off on a strong note, with broader participation from the co's Ethernet switching group. This bodes well for backlog going into the seasonally strong Q4 (Jul).

7:25AM WorldGate announces deal with Motorola (WGAT) 1.64: Co announces an exclusive multi-year agreement with Motorola (MOT) for the worldwide development of the Ojo personal video phone. Motorola will market the Ojo personal video phone as part of its "connected home" portfolio of consumer broadband solutions. Motorola will distribute Ojo worldwide. The Motorola Ojo personal video phone is expected to be available this fall. Additionally, Motorola and WorldGate will jointly develop future broadband video telephony solutions. The agreement includes a prepayment by Motorola against future product purchases.

http://finance.yahoo.com/mp?u