KA111
29.05.2001, 23:15
Dass Prinzip Hoffnung wurde 6 Wochen gefeiert. Jetzt ist wieder die Rückseite der Medaille dran? Im ständigen kritischen Pendelschlag: jetzt sind erst einmalö teilweise mit Tumulten verbundene Ertragswarnungen dran. Ab Freitag haben die Gewinnmitnahmen erneut begonnen. Kostolanies Hund lief etwas voraus. Nun wird die Erwartungsleine wieder gekürzt. Zunehmendes Licht auf die Ertragskurven der Techs ab dem dunkelsten vierten Quartal 2001? Der folgende Artikel von Briefing.com meint: ja, wohl nicht eher.
Earnings Questions: :
With earnings warning season approaching, and tech stocks having rallied sharply from their April 4 lows, the market is beginning to sharpen its focus on the "E" in the P/E multiple. That shift was made apparent this morning when several Wall Street firms either cut earnings estimates, or raised questions about earnings prospects, for a number of well-known technology companies. Specifically, Goldman Sachs reduced full-year estimates and revenue expectations for Sun Microsystems (SUNW 18.87 -1.60) and EMC Corp. (EMC 34.84 -2.26) respectively; Lehman Bros. acknowledged that EPS estimates for communication chip companies, Xilinx (XLNX 43.65 -1.84) and Altera (ALTR 24.74 -1.31), will probably have to be lowered at some point; Salomon Smith Barney said last week's semi equipment book-to-bill ratio makes the expectation of sequential order growth seem more remote and that it expects companies such as Novellus (NVLS 50.44 -1.93) and Lam Research (LRCX 29.19 -1.21) to lower guidance; and Thomas Weisel Partners has cut its Q4 and FY02 EPS and revenue estimates for Oracle (ORCL 15.91 -0.60). Although the specific details of these calls vary for each company, there is one common tie embedded in each: demand remains weak. The latter is an important consideration since the tech sector's woes have been driven by a supply and demand issue. Meanwhile, the tech sector's rebound has been fueled by a belief that a material pickup in demand, and earnings prospects, are imminent. It is Briefing.com's expectation that such an improvement isn't likely until Q4. At this point, anecdotal evidence suggests the supply situation is improving, but the issue of end demand is far from settled as evidenced by the pricing pressures, continuing layoff announcements, and conservative IT spending projections. Consequently, it is prudent to be questioning earnings prospects at this juncture, and in many cases, to be taking some profits off the table as we enter the tumultuous earnings warning period.-- Patrick J. O'Hare, Briefing.com
Gruß
KA111:)
Earnings Questions: :
With earnings warning season approaching, and tech stocks having rallied sharply from their April 4 lows, the market is beginning to sharpen its focus on the "E" in the P/E multiple. That shift was made apparent this morning when several Wall Street firms either cut earnings estimates, or raised questions about earnings prospects, for a number of well-known technology companies. Specifically, Goldman Sachs reduced full-year estimates and revenue expectations for Sun Microsystems (SUNW 18.87 -1.60) and EMC Corp. (EMC 34.84 -2.26) respectively; Lehman Bros. acknowledged that EPS estimates for communication chip companies, Xilinx (XLNX 43.65 -1.84) and Altera (ALTR 24.74 -1.31), will probably have to be lowered at some point; Salomon Smith Barney said last week's semi equipment book-to-bill ratio makes the expectation of sequential order growth seem more remote and that it expects companies such as Novellus (NVLS 50.44 -1.93) and Lam Research (LRCX 29.19 -1.21) to lower guidance; and Thomas Weisel Partners has cut its Q4 and FY02 EPS and revenue estimates for Oracle (ORCL 15.91 -0.60). Although the specific details of these calls vary for each company, there is one common tie embedded in each: demand remains weak. The latter is an important consideration since the tech sector's woes have been driven by a supply and demand issue. Meanwhile, the tech sector's rebound has been fueled by a belief that a material pickup in demand, and earnings prospects, are imminent. It is Briefing.com's expectation that such an improvement isn't likely until Q4. At this point, anecdotal evidence suggests the supply situation is improving, but the issue of end demand is far from settled as evidenced by the pricing pressures, continuing layoff announcements, and conservative IT spending projections. Consequently, it is prudent to be questioning earnings prospects at this juncture, and in many cases, to be taking some profits off the table as we enter the tumultuous earnings warning period.-- Patrick J. O'Hare, Briefing.com
Gruß
KA111:)