Monday Nov 8, 2004
After market today, ARXX reported revenues and earnings below expectations and management guidance, which was thought of as being conservative. Miss was attributed to lower semiconductor testing equipment shippings, another indication that the inventory burn-off is not progressing well. Company also guided lower for Decemeber.
Expect market to remain in trading range with CSCO reporting after market tomorrow and Fed meeting on Wednesday. Market sentiment on CSCO report is fairly neutral to negative, any indication of somewhat positive tone could be helpful in moving the market higher.