from briefing.com... Moors and Cabot comments on TSMC (TSM) 11.38 +0.94: Moors and Cabot provides intraday comments on TSMC results which highlight the following items: 1) Total utilization also exceeded estimates at 98%, up from 88% last quarter, and firm's forecast of 90%; 2) Company intimated that 2004 cap ex would be "significantly higher" than 2003; and 3) Co also noted 2004's cap ex could be approximately 25% of total revenues, higher than the 20% pct. of revenues that it has been benchmarking for the past two years. Firm provides impact for its semiconductor universe suggesting the following: AMAT remains the most highly leveraged company/stock to positive implications from TSMC. Moors and Cabot suspects that AMAT has upside potential to this cap ex increase by TSMC. Firm feel that there may be upside to revenues and particularly earnings for AMAT's FY04 estimates and recommends purchasing the stock off this news. Firm also believes that CYMI and VSEA remain highly leveraged to positive TSMC cap ex trends. ASML is also mentioned given its role as the leading litho supplier to TSMC with CYMI also mentioned as a big beneficiary as well.