Semiconductor Capital Equipment: Beliefs, Perceptions and Reality From Seeking Alpha I think some of the rules have changed for the semiconductor capital equipment companies. Last month, the Semiconductor Industry Association (SIA) reported that global sales of semiconductors grew by 3.2% last year. All of the semiconductor capital equipment companies I have cited above generated free cash flow in the last twelve months. The cash flow generation capabilities have proven much more improved too, with some consistently generating 20% plus returns on operating cash flow, and in...

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AmTech Notes PC Seasonality & Memory Oversupply (INTC, AMD, NVDA ... From 24/7 Wall St. The firm notes that the March quarter is tracking in-line with normal seasonality for most parts of the technology and hardware supply chain. Freedman also noted that notebook checks are in-line with expectations and seasonality for the most part. The first half of March DRAM pricing continued to show strength, and AmTech expects a downturn in second-half contract pricing in-line with the recent trend in spot prices and continued pressure on NAND ASPs.

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Analyst downgrades semi wafer outlook; still "balancing" solar ... From Solid State Technology Research says wafer sales to the semiconductor industry should decline about 6%-7% in 1Q08, but that will be cancelled out by strength in the spot market and by solar wafer demand, and that MEMC's strategy of signing long-term solar contracts over currently surging spot market prices is still an attractive model. Spot prices are seen at $375-$400/kg in 1Q08, and increased solar wafer shipments should boost non-semi wafer revenues (spot prices plus solar) to >$200M, up from...

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NPC sees unclear order visibility From DigiTimes Despite foreseeing a rebound in March sales, Nan Ya Printed Circuit Board (NPC) has said order visibility is low in the second quarter, with overall quarterly sales only expected to post a mild sequential growth. In light of order and utilization rate declines in the first quarter, as well as dropping prices for wirebond substrates, NPC estimated that its first-quarter gross margin will slip by 1-3 percentage points on quarter to lower than 25%, before taking into account currency exchange...

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Budget reduces inheritance tax on alternatively secured pensions From CityWire.co.uk The new rules will mean any proportion of unused nil-rate band when the original ASP owner died will be applied to increase the nil-rate band in force when the dependant dies. Under the changed rules, the nil-rate band available for application against the remaining ASP fund would be 180,000 ((350,000 x 120%) - 240,000).

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