Altera (ALTR) 20.32 -1.88 (-8.5%)
Maker of programmable microchips cuts its Q4 (Dec) sales forecast to down 9-12% sequentially from down 1-5%; Company blames slowing end markets in wireless/access products and an inventory correction; Now says that inventories will rise to approximately 4 months versus a normal range of 3-4 months; ALTR, along with rival XLNX, was downgraded by Banc of America today; Firm cited (among other reasons) inventory build and a reduction in top-line growth rates; Competitor LSCC is down 4% tonight
Cymer (CYMI) 30.31 -1.68 (-5.3%)
Semiconductor manufacturing equipment warns for Q4 (Dec), saying that revenues and gross margins will fall under expectations set on Oct 19; At that time, Cymer called for a 10% sequential decline in total product revenues and gross margins of 37-39%; Now management sees a 12-13% revenues decrease and gross margins of 34-36%; Company said that business has become more volatile and less predictable than it was a short time ago, and visibility remains limited to less than one quarter
DreamWorks Animation (DWA) 38.51 -1.69 (-4.2%)
In its first report as a public company, animation studio shows a penny upside to the Reuters Estimates consensus; Turns in Q3 (Sept) EPS of $0.18 on revenues of $241.3 mln (consensus of $233 mln); The company, however, dampens the market's enthusiasm by saying it will delay the release of Shrek 3 by 6 months to May 2007; This comes after competitor PIXR said last night it was pushing back the release of Cars until June 2006; DreamWorks' Shark Tale has also been a bit of a sales disappointment
Procter & Gamble (PG) 54.90 -0.13 (-0.2%)
Household products company reaffirms its 2Q05 (Dec) and FY05 (June) EPS ranges; Adds that Q2 volumes are tracking near the high end of its original expectations, and that FY05 volumes will now come in above expectations; Procter & Gamble has been a volumes story since its turnaround in 2000: company now commands a #1 or #2 share position in most markets; The stock split in July and has been range-bound ever since
Xilinx (XLNX) 28.49 -2.24 (-7.3%)
Programmable logic devices name issues softer than expected guidance for Q4 (Dec); Puts sales down 5-8% sequentially as compared to earlier forecasts of down 2-5%; The gross margin rate is still unchanged (64%), but inventory levels should rise to 170 days (versus 156 days earlier); Xilinx's comments are not unlike Altera's tonight; Shares of ALTR and XLNX are up 24% and 21%, respectively, since Sept; Traders are taking huge profits from the rally as expectations for a fundamental improvement have not panned out
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