... de memórias com a tecnologia NAND. São muito utilizadas em nos novos telemoveis, máquinas fotográficas, Pendrives. Têm tido optimus resultados nos ultimos 3 a 4 trimestres. Como tem apatente desta tecnologia, obtem tb receitas da utilização desta tecnologia por outros fabricantes.
deixo-te esta noticia que saiu hoje sobre esta tecologia.
Cumprimentos
Zacks.com Announces that Fred Hager Highlights: Intel, FEI Company, VEECO and SanDisk
September 20, 2004 07:18:00 AM ET
Get dialed into the semiconductor industry through expert commentary by Fred Hager and turn those recommendations into profits today. Fred Hager is editor of the Hager Technology Research report. Click here for the full story exclusively on Zacks.com: http://at.zacks.com/?id=84
Here are the highlights from the Featured Expert column:
Last week, the lead semiconductor-equipment trade group said August bookings declined 5% from the revised July level to $1.52 billion, which is another sign that chip-equipment demand is flagging. This announcement came about the same time that industry giant Intel warned on its third quarter numbers. This had a huge ripple effect throughout the technology sector. Fred Hager, editor of the Hager Technology Research report, gives interested investors an inside look into the sector and which companies were affected by the Intel announcement.
The Intel Outlook and the Portfolio
The disappointing mid quarter outlook from Intel INTL sent the NASDAQ into a bit of a tailspin. Let's focus a bit on what this Intel news may mean for our portfolio.
Capital Spending
For semiconductor tool providers, if the woes echoed in Intel's mid quarter outlook continue, there could be looming trouble for some semiconductor equipment makers. Intel is trading off about 7.5 % intraday at the time of this writing. ASML Holdings is off 7.5%. Lam Research is off 7.2%. Novellus is off 5.4%.
Although the outlook for these companies will be impacted in different ways by the actual inventory problems Intel faces as a result of sluggish sales, the possibility that Intel would cut capital spending is a risk. However, Intel gave strong indication that the newer fabrication processes underway were not going to be impacted. That is, even if Intel makes deeper cuts in capital spending, equipment and processes to enable high end chip design in new fabs are unlikely to be impacted as these build outs are required strategically. Similarly, to the extent that nanoscale tool providers are taken down in sympathy with Intel's outlook we view this as a buying opportunity in those names.
For example, shares of nanoscale tool providers VEECO INSTRUMENTS INC. VECO and FEI Company FEIC are trading off about 3-3.5%. These nanoscale essential companies are less likely to be impacted by any tech slowdown aimed at inventory issues. For planned semiconductor manufacturing build outs in the nanoscale, these companies are increasingly part of the strategic and technical solutions unrelated to inventory problems. If anything, these companies will benefit disproportionately compared to other equipment companies with more dependence on capital spending to support legacy systems.
The current cautious environment will serve to differentiate companies with growing business prospects that are more disassociated from a requirement for the overall strength of a cyclical recovery in semiconductors. With Intel putting a bit of a scare into the cyclical strength of the semiconductor market generally, we look for companies that deliver earnings at or above forecast with great favor come earnings season. Unlike many companies reluctant to do so in the latest earnings call, VECO and FEIC were companies that cited enough visibility to forecast full year earnings based on bookings. We believe those bookings are not likely to be impacted by the developments of Intel.
SanDisk SNDK Down on Intel NOR Report: or NAND is not NOR
When Intel talks about trouble with NOR flash they are not talking about the same business as SanDisk's NAND flash. Well actually in some ways they could be, but to opposite effect.
NAND flash market sees companies such as Toshiba and Samsung recently boosting NAND flash capacity to take advantage of the proliferation of the memory type. Others joining the NAND flash market include Infineon and STMicroelectronics. SanDisk has an eye on licensing these players for royalties as they have successfully done with others.
In the meantime, SanDisk has planned well for a compression in price per bit of NAND flash. They actually welcome that compression as a means to boost demand for NAND flash and migrate product into the higher and higher densities made capable by their multilevel technology. The pricing moves resulted in a great quarter for SanDisk. Competitor Lexar was hurt by the pricing moves.
Perhaps the acceleration of NAND is already hurting Intel's NOR flash business. The company would not detail whether market share weakness was the culprit. However, if the weakness is a result of NAND replacing cell phone NOR as NAND manufacturers hope to do, the Intel news is actually good news for SanDisk.
The market seems to think otherwise today as SanDisk is also down in sympathy with Intel's NOR report. We believe the market misses the big picture with SanDisk. In other words, Intel's NOR flash report is definitely "not a negative" for SanDisk.
Read Fred Hager's complete commentary, along with more defensive plays for an uncertain market, by clicking: http://at.zacks.com/?id=85
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Obrigado João - Esta empresa é o principal fabricante...
sobre-OLHO
28
20-09-2004 15:34
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