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Industry Report Card: U.S. Hi-Tech Sep 02
Standard & Poors, Sep 2002
Abstract
The semiconductor sector continues to report weak sales and earnings, especially in communications-focused areas. Companies such as Lucent Technologies and Nortel Networks have been trimming their revenue guidance, which will undoubtedly lead to reduced purchases of components. Although several mass-market semiconductor companies, including Fairchild Semiconductor International Inc. and National Semiconductor Corp. had reported sequential revenue growth in June, their September and later prospects have been more guarded. It may well be that the growth those companies saw earlier this year was only replenishment of shelf stocks by their customer base, rather than a signal of recovery. In even the most optimistic scenarios, industry revenues are unlikely to reach the year 2000 peak level until 2004. With ample supply and still...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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