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...
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.
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.
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.
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.
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.
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.
believe opening stock
We believe that even with the stock opening down significantly, the stock will probably be overvalued.
continued declined demand dropped margins million operating percent performance quarter reflected sales shipped weak year
Chipset sales declined 26 percent to $269 million, and operating margins dropped to 24 percent from 39 percent. Qualcomm shipped only 11 million chipsets in the quarter, down from 15 million in the preceding quarter and 13.5 million a year ago. This disappointing performance partially reflected continued weak demand in Korea.
based china currently diminished due earnings estimate events growth june looks million outlook percent press pro recent revenue
In the near-term, Qualcomm's earnings outlook has been diminished due to recent events in China and Korea. For the June quarter, we are currently forecasting 16 percent pro forma revenue growth to $750 million and 26 percent pro forma EPS growth to 27 cents. Based on the company's press release, our EPS estimate looks to be too high.
both business cautious corporate despite expect given outlook poorest provider segments service several visibility
Given the uncertainty on both service provider and corporate IT spending, visibility is the poorest in several years. We expect Cisco to be cautious on its near-term outlook despite indications that business in some segments has improved.
believe capital continue digest expect few forecast growth industry investors next percent plans pressure recent remains spending stocks unchanged update view weeks
Our view remains unchanged from our recent update on capital expenditures. We believe that in 2001 cap-ex will be up approximately 10 percent. We continue to forecast 17-18 percent industry growth in 2001. We expect the stocks to remain under pressure over the next few weeks as investors digest capital spending plans from carriers.
estimates expect maintain remains share stock valued
We expect to maintain our estimates at $1.05 a share for 2000 and $1.43 for 2001, so Motorola remains the most attractively valued stock in our universe, at 23 times 2001 EPS estimates.