"While Teradyne reported in- line 4Q results, the high-end of the company`s 1Q guidance range (rev $290 to $310 mil and EPS -$0.24 to -$0.31) is well below consensus estimates ($343 mil and -$0.02). New orders came in better than expected ($298 mil vs. $275 mil and up 5% Q/Q) but we believe much of this growth was driven by seasonal 4Q service and spare contract renewals that carry lower margins. We believe the stock will remain under pressure until the depth and duration of the current downturn can be ascertained. Thus, we maintain our SELL rating."