Michael Ching
Michael Ching
Michael Ching is an American composer, conductor, and music administrator. A prolific and eclectic composer, he is best known nationally as the composer of innovative operas, including his a cappella adaptation of Shakespeare's A Midsummer Night's Dream. His other major operas include Buoso's Ghost, Corps of Discovery, Slaying the Dragon, Speed Dating Tonight!, and Alice Ryley...
informed
I wasn't even informed that it was up today.
both certain charge costs demand felt months next obliged reflects size weaker
The size of this charge reflects both much weaker demand forecasted over the next 12 months as well as the costs for certain commitments that Cisco felt obliged to fulfill.
company concern concerned earnings forecasts future outlook relates remain
Our concern on Qualcomm relates to the outlook for the handset and CDMA business. As we have indicated previously, we remain concerned that the company may take down forecasts for future earnings because we think the company's CDMA forecasts are too aggressive.
among believe companies continue emerge markets
We continue to believe that Cisco will be among the first companies to emerge once the end markets recover.
aggregate average believe companies continue despite group grow increase last levels multiple next percent provider report revenue seen service spending
We continue to believe that aggregate service provider spending in the U.S. will actually grow about 10 percent in 2001, and that our companies will report an average revenue increase of 25 percent next year. Despite this, the average price-earnings multiple of our group is now approaching levels last seen in 1997-98.
actions charges company december dollars help hundred include management million outline plan return several
Management did outline several actions that they plan to take that should help return the company to more profitability. This will include several hundred million dollars in charges in the December quarter.
believe current discussion media recently run
Lucent has run up recently on media discussion of being a take-over target. We believe that in the current environment, this is a possibility.
cloudy days earnings outlook price recent remind stock traded
The recent stock price fluctuations remind us of the old days (pre-1999) when Qualcomm's earnings outlook was cloudy and the stock traded more on speculation than fact.
believe fact indication management next numbers slow upside whether
The fact is that Next Level's management has no indication as to whether Qwest will actually slow down VDSL deployment. We do not believe that there will be any upside to next year's numbers from Qwest and, in fact, there may be some downside.
believe opening stock
We believe that even with the stock opening down significantly, the stock will probably be overvalued.
aggressive bad believe company concerns credit debt emerging increasing issues policy provider providing quarter reflects reserves results september service towards
We believe that most of the issues impacting Lucent's September quarter results are company specific. Even increasing bad debt reserves because of emerging service provider credit concerns reflects Lucent's aggressive policy towards providing vendor financing.
believe change exposure factors largely last modest results spoke
We spoke to Cisco last night, and we do not think there is any change in its business. We believe the factors impacting Intel's results are largely immaterial to Cisco. Cisco has a very modest exposure of revenues to Europe.
although bottom company continue due earnings emerging expect focus fourth investors per positive quarter report second share turn
With the restructuring essentially finished, we expect investors to now focus on 3Com's emerging technologies and its bottom line. We continue to look for the company to report a breakeven fourth quarter, although earnings per share could turn positive in the second quarter due to non-operating gains.
bloated company inventory model older slowing suffers transition
Specifically, the company suffers from a bloated inventory of older model phones, which is slowing the transition to newer, higher-margin products.