Epoch Partners Previews Earnings for Communication Subsystems

March: Out Like a Lion; April: In Like a Lamb



Apr 23, 2001, 01:00 ET from Epoch Partners

    SAN FRANCISCO, April 23 /PRNewswire Interactive News Release/ --
 Epoch Partners today issued a Research Note on the outlook for communications
 equipment subsystems companies.  The Research Note, issued today by
 Mark Langley, Senior Analyst, Communications Equipment with Epoch Partners,
 discusses the earnings outlook for each of Epoch's covered companies.  The
 following are key highlights included in the Research Note:
 
     -- The first calendar quarter of 2001 has been a gloomy one for the
        component companies, which preannounced, lowered guidance or coasted
        along on previously lowered guidance.
     -- The overhanging issue remains carrier capital spending.  Going into
        calendar 1Q, the question was timing of capital spending.  Now, in
        calendar 2Q, we have seen some modest improvements in the availability
        of funding.
     -- We expect the same issues to continue to plague the group in calendar
        Q2:  low visibility, order pushouts, and a lackluster economic climate.
        Though we have heard reports of inventory clearance in calendar 1Q, we
        anticipate inventory issues will persist beyond Q2.  In spite of the
        continued lack of visibility, the group has rebounded solidly in April
        as bargain hunters looked for value, aided in part with the
        50-basis-point-rate cut on April 18.
     -- JDS Uniphase's results will again be the bellwether for the component
        industry, though the tea leaves will be more difficult to read this
        time due to its acquisition of SDL, Inc., and the divestiture of its
        Zurich facility.  A change in tone in JDSU's outlook could set off a
        recovery in the valuation of the group.
     -- Our full note, with detailed analysis of each company, is available
        free at: www.epoch.com.
 
     Communications Equipment Research Coverage
     Investors can visit Epoch's Web site to read research coverage on the
 following public companies:  Avanex Corporation, Avici Systems,
 Bookham Technology plc, Ceragon Networks, CIENA Corporation, Cisco Systems,
 Corvis Corporation, Endwave Corporation, Finisar Corporation,
 Floware Wireless Systems, Foundry Networks, JDS Uniphase Corporation,
 Lucent Technologies, Netro Corporation, New Focus, Inc., Netro Corporation,
 Sycamore Networks, and UTStarcom, Inc.
     In addition, investors can be added to the Communications Equipment email
 alert system, which alerts investors to new research in the Communications
 Equipment sector.  To be added to this alert system visit
 http://pluto.sparklist.com/scripts/lyris.pl?join=epochcommeq.
     Full research coverage on other companies under coverage by Epoch is
 available for free to investors through the Epoch Web site (www.epoch.com).
     Epoch Partners is a technology-enabled investment bank focused on
 high-growth companies and electronically connected institutional and
 individual investors.
 
     The information contained herein is based on sources believed to be
 reliable but is neither all inclusive nor guaranteed by Epoch Partners.
 Opinions, if any, reflect our judgment at this time and are subject to change.
 Epoch Partners does not undertake to advise of changes in its opinion or the
 information. Epoch Partners may perform or seek to perform investment banking
 services for the issuers of securities which are the subject of our Research.
 Most of the companies Epoch Partners follows are emerging growth companies
 whose securities typically involve a higher degree of risk and more volatility
 than the securities of more established companies.  The securities discussed
 in the Epoch Partners Research may be unsuitable for investors depending on
 their specific investment objectives and financial situation and needs.  No
 report included in the Epoch Partners Research is a recommendation that any
 particular investor should purchase or sell any particular security in any
 amount or at all and is not a solicitation of any offer to purchase or sell
 from or to any particular investor.  For additional information that may be
 available on the securities mentioned, please contact Epoch Partners.
 
     Epoch Partners is a member of the National Association of Securities
 Dealers, CRD number 103899.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X76265384
 
 

SOURCE Epoch Partners
    SAN FRANCISCO, April 23 /PRNewswire Interactive News Release/ --
 Epoch Partners today issued a Research Note on the outlook for communications
 equipment subsystems companies.  The Research Note, issued today by
 Mark Langley, Senior Analyst, Communications Equipment with Epoch Partners,
 discusses the earnings outlook for each of Epoch's covered companies.  The
 following are key highlights included in the Research Note:
 
     -- The first calendar quarter of 2001 has been a gloomy one for the
        component companies, which preannounced, lowered guidance or coasted
        along on previously lowered guidance.
     -- The overhanging issue remains carrier capital spending.  Going into
        calendar 1Q, the question was timing of capital spending.  Now, in
        calendar 2Q, we have seen some modest improvements in the availability
        of funding.
     -- We expect the same issues to continue to plague the group in calendar
        Q2:  low visibility, order pushouts, and a lackluster economic climate.
        Though we have heard reports of inventory clearance in calendar 1Q, we
        anticipate inventory issues will persist beyond Q2.  In spite of the
        continued lack of visibility, the group has rebounded solidly in April
        as bargain hunters looked for value, aided in part with the
        50-basis-point-rate cut on April 18.
     -- JDS Uniphase's results will again be the bellwether for the component
        industry, though the tea leaves will be more difficult to read this
        time due to its acquisition of SDL, Inc., and the divestiture of its
        Zurich facility.  A change in tone in JDSU's outlook could set off a
        recovery in the valuation of the group.
     -- Our full note, with detailed analysis of each company, is available
        free at: www.epoch.com.
 
     Communications Equipment Research Coverage
     Investors can visit Epoch's Web site to read research coverage on the
 following public companies:  Avanex Corporation, Avici Systems,
 Bookham Technology plc, Ceragon Networks, CIENA Corporation, Cisco Systems,
 Corvis Corporation, Endwave Corporation, Finisar Corporation,
 Floware Wireless Systems, Foundry Networks, JDS Uniphase Corporation,
 Lucent Technologies, Netro Corporation, New Focus, Inc., Netro Corporation,
 Sycamore Networks, and UTStarcom, Inc.
     In addition, investors can be added to the Communications Equipment email
 alert system, which alerts investors to new research in the Communications
 Equipment sector.  To be added to this alert system visit
 http://pluto.sparklist.com/scripts/lyris.pl?join=epochcommeq.
     Full research coverage on other companies under coverage by Epoch is
 available for free to investors through the Epoch Web site (www.epoch.com).
     Epoch Partners is a technology-enabled investment bank focused on
 high-growth companies and electronically connected institutional and
 individual investors.
 
     The information contained herein is based on sources believed to be
 reliable but is neither all inclusive nor guaranteed by Epoch Partners.
 Opinions, if any, reflect our judgment at this time and are subject to change.
 Epoch Partners does not undertake to advise of changes in its opinion or the
 information. Epoch Partners may perform or seek to perform investment banking
 services for the issuers of securities which are the subject of our Research.
 Most of the companies Epoch Partners follows are emerging growth companies
 whose securities typically involve a higher degree of risk and more volatility
 than the securities of more established companies.  The securities discussed
 in the Epoch Partners Research may be unsuitable for investors depending on
 their specific investment objectives and financial situation and needs.  No
 report included in the Epoch Partners Research is a recommendation that any
 particular investor should purchase or sell any particular security in any
 amount or at all and is not a solicitation of any offer to purchase or sell
 from or to any particular investor.  For additional information that may be
 available on the securities mentioned, please contact Epoch Partners.
 
     Epoch Partners is a member of the National Association of Securities
 Dealers, CRD number 103899.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X76265384
 
 SOURCE  Epoch Partners