Triquint Cuts Workforce
Triquint Semiconductor (TQNT ) has laid off an unspecified number of workers in Hillsboro, Ore., and Dallas, Tex. The CFO says the company is trying to a "take more humanistic approach" to firings by keeping mum about it, according to a press report.
Bear Stearns downgraded National Semicondutor (NSM ) to attractive from buy. Lehman cut estimates. On Thursday the company posted breakeven Q4 from operations vs. $0.68 EPS.
Ericsson (ERICY ) Morgan Stanley reportedly downgraded to underperform from neutral.
TranSwitch Corp. ( TXCC ) sees a $0.10-$0.12 Q2 loss (pro forma) on revenues of $10M-$12M. Dain Rauscher downgraded to neutral. Robertson Stephens and Pacific Growth cut estimates.
Two years after asking Microsoft to develop sophisticated interactive TV service, AT&T is scaling back those plans; now asks Microsoft and Liberate Technology (LBRT ) to develop software for a simpler set-top box: The Wall Street Journal.
Verity (VRTY ) sees $41M Q4 revenues, up about 35% from last year, consistent with previous revenue projections. Thomas Weisel upgraded to buy.
DB Alex. Brown downgraded SBC Communications (SBC ) to buy from strong buy and cut estimates.
Rockwell International (ROK ) sees $0.45 Q3 EPS from operations due to a decline in automation business revenue. CS First Boston downgraded to hold from buy. S&P maintains hold. Prudential cut estimates.
Apria Healthcare (AHG ) filed to offer 8.5M shares to be sold by Relational Investors, LLC.
Integrated Silicon ( ISSI ) sees about a $0.14 Q3 loss on $20M- $22M revenues, citing minimal order activity.
Due to lower than expected $7.6M-$8.4M Q1 revenue and anticipated inventory reserves, California Micro (CAMD ) expects a $0.20-$0.25 loss.
Alliance Data (ADS ) set an initial offering of 13 million shares at $12.
DuPont (DD ) reached a pact to sell DuPont Pharmaceuticals Co. to Bristol-Myers (BMY ) for $7.8B cash and sets a new $2B stock buyback plan. Bear Stearns says the sale will be a significant positive.
Intel Corp. (INTC ) expects Q2 revenue, gross margin percentage, and expenses to be slightly below the midpoint of ranges previously provided. S&P maintains hold. USB Piper maintains buy and the $45 12-month target.
Juniper Networks (JNPR ) sees $0.08-$0.09 Q2 EPS (pro forma) on $200M-$210M revenues vs. previous $300M-$310M guidance. Juniper will cut 8%-9% of its workforce and take a $45M one-time charge. S&P maintains hold. JP Morgan downgraded.
ASM International (ASMI ) reportedly cut Q2 guidance, and sees Q2 sales 25% or more below Q1 levels.
Adaptec (ADPT ) sees $0.03-$0.05 Q1 EPS on revenues flat to slightly higher than Q4 fiscal 2001 levels and continues to see softness in Europe.
Lehman initiates coverage of XM Satellite with strong buy, and also initiates coverage of several other satellite communications companies.
Prudential upgraded Microchip Technology ( MCHP ) and a number of chip stocks.
Lattice Semiconductor (LSCC ) expects Q2 revenue to be down about 30% sequentially, citing a general decline in PLD consumption. Goldman cut estimates.
Transwitch Corp. (TXCC ) sees a $0.10-$0.12 Q2 loss (pro forma) on revenue of $10M-$12M, citing weakness in telecom systems market in North America, Europe and some parts of Asia. Robertson Stephens slashes estimates.
Goldman initiated coverage of Fiserv (FISV ), and added to its recommended list.
DB Alex Brown downgraded SBC Communications (SBC ) to buy from strong buy, and cut estimates.
Handspring (HAND ) sees Q4 revenue of $60M-$65M vs. Q3's $123.8M. Lehman and CS First Boston cut estimates.
3Com Corp. (COMS ) sees $450M-$475M Q4 revenue and says sales volumes negatively affected manufacturing utilization. 3Com will discontinue its line of consumer cable and DSL modems. S&P maintains hold.
Callaway Golf (ELY ) cut its $290M-$300M Q2 revenue forecast to $250M, sees $511M for first-half 2001 revenues. If revenue target is achieved, Callaway sees $0.35-$0.38 Q2 EPS and $0.82-$0.85 first-half 2001 EPS vs. $0.78 last year. Bear Stearns says attractive rating is under review.
As a result of continuing weak industry conditions, Molex Inc. (MOLX ) will reduce worldwide employment by about 1,500 full and temporary employees. Molex also will take about a $42M Q4 charge. S&P maintains hold. Merrill downgraded.