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Friday, July 25, 2008

Varian Semiconductor (VSEA) 3Q:2008 results

Varian is a semicap with a lot of memory exposure. As the memory market has been under extreme pressure for most of the year I've been saying sell VSEA, LRCX, MTSN, FORM, KLAC... they're all much more memory dependent than the historical norms. It's been biting most of them in the ass. Varian is no exception.

The current quarter was fine. The outlook was dismal. They guided to revenues of 130-140mm with the street at 176mm and earnings of break even with the street looking for 24 cents. The stock charts to roughly 23.1 where I'll look to cover.

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