Daniel Niles
Daniel Niles
aggressive increase pricing resulting revenue seems though
It seems as though more aggressive pricing is not spurring much of an increase in demand, resulting in a trade-off between profitability and revenue growth,
both point quarter revenue second
the second quarter was the inflection point for both revenue and earnings-per-share growth.
contract grow growth increase inventory past percent revenue seen six versus
Contract manufacturers have seen their inventory grow 104 percent year-to-date, versus revenue growth of 52 percent, while distributors have seen a 24 percent increase in inventory in the past six months, versus a revenue increase of 15 percent.
believe correction far inventory
We believe the semiconductor inventory correction is far from over.
believe continue estimate given growth half return revenue row second
We continue to believe this is a second half story, but need to see revenue growth return year-over-year given this is the third-quarter in a row of revenue estimate reductions.
calendar chip cycle given looking pc somewhat start upgrade
Given that many PC vendors and chip suppliers are looking for a PC upgrade cycle to start in the (second half) of this calendar year, this is somewhat sobering,
believe components europe late order orders quarter saw selling third three top wireless
We believe that TI saw some significant order cancellations occurring late in the quarter from some, if not all, of the top three wireless handset vendors, ... We believe that GSM handsets in Europe are not selling well and, as a result, Ericsson canceled components for GSM handset orders to TI as they did with all of their other suppliers late in the third quarter.
believe december demand last leading lower pc weeks
We believe PC demand in the last two weeks of December was terrible, leading to lower expectations for 2001.
declines downside issue names percent seen year
We've seen this how many times already this year -- three? ... A lot of these names could have 50 percent downside from here. Our big issue is, are the sequential declines (in revenue) over? I'd say no.
announcing large train
Y2k is going to be a very large problem, ... Hewlett-Packard is at the end of the train announcing this.
buy price rating
We reiterate our buy rating with a $55 price target.
believe budget commercial consumer continued corporate december demand disturbing early related saw showing since stretch track worse
We believe that since Intel's pre-announcement in early December that consumer and commercial demand has continued to get worse with commercial showing the most disturbing trends. In addition, we believe that servers, which had actually been on track for part of the quarter, saw some softening that we believe is related to corporate IT budget stretch outs.
believed facing further increased inventory materials percent previous problems raw results revenue total
We believed that Cisco's results would further magnify the inventory problems facing their semiconductor suppliers -- and they did, ... While revenue increased 14 percent from the previous quarter, total inventory increased 59 percent and raw materials increased 335 percent.
believe both earnings estimates fourth given growth guidance margins range release revenue within
We believe both revenue growth and margins are within the range of guidance given in the third-quarter earnings release and feel comfortable with our estimates for the fourth quarter.