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☆ ASML shrugs off slowdown, U.S. China sanctions, reports strong Q3
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +3 min

Europe's largest technology company also said it did not expect a large impact from U.S. sanctions on China. This resulted in record bookings in the third quarter of around 8.9 billion euros," he said in a statement. ASML's backlog is now at 38 billion euros, and it is seeking to expand its own production capacity by 2025. ASML reported third-quarter net profit of 1.7 billion euros ($1.7 billion) on sales of 5.8 billion euros, beating analyst forecasts of profit of 1.42 billion euros and 5.41 billion euros in sales. ASML has been restricted by the Dutch government in shipping its best machines to China, due to U.S. diplomatic influence, since 2019.

☆ ASML reports strong Q3, says it is not hit by U.S. China sanctions
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

This resulted in record bookings in the third quarter of around 8.9 billion euros," he said. ASML's third-quarter net profit was 1.7 billion euros ($1.7 billion), on sales of 5.8 billion euros, beating analyst forecasts of profit of 1.42 billion euros, on sales of 5.41 billion euros. By comparison in the second quarter of 2022, ASML had income of 1.70 billion euros on sales of 5.78 billion euros. ASML has been restricted by the Dutch government in shipping its best machines to China, due to U.S. diplomatic influence, since 2019. "We can continue to ship non-EUV (less advanced) lithography tools out of Europe to China," the company said.

☆ European shares at near two-week high amid UK fiscal plan optimism
▼ + stars: | 2022-10-18 | by ( Amruta Khandekar | ) www.reuters.com time to read: +2 min

The region-wide STOXX 600 index (.STOXX) was up 0.9% by 0826 GMT, hitting a near two-week high, as investors snapped up beaten-down tech (.SX8P) and bank (.SX7P) stocks. Shares of chipmakers, including ASML Holdings (ASML.AS) and BE Semiconductor (BESI.AS), rose between 0.9% and 4% amid a risk-on sentiment in markets. "If you make that U-turn too extreme and basically embark on a trajectory of significant fiscal tightening, that could also do more more harm. Investors also took comfort from a recent pullback in natural gas prices in Europe, which is battling an energy crisis amid growing risks of a recession. Rio Tinto (RIO.L) slipped 0.7% after it projected annual iron ore shipments at the lower end of its forecast amid weak global demand.

☆ What Cramer is watching Tuesday — J&J beat, Salesforce gets an activist, stocks surge
▼ + stars: | 2022-10-18 | by ( Jim Cramer | ) www.cnbc.com time to read: +5 min

What I am looking at Tuesday, Oct. 18, 2022 Club holding Johnson & Johnson (JNJ) reports an impressive quarter. Activist investor Starboard takes a major stake in Club holding Salesforce (CRM), sees significant opportunity. Club holding Microsoft (MSFT) cuts people, continues to invest, but calls for slowest quarterly revenue growth in more than five years. Barclays cuts price target on Charles Schwab (SCHW) to $73 per share from $81. Barclays cuts price target on Unity Software (U) to $33 per share from $49.

☆ U.S. Speaker Pelosi's husband sold Nvidia, Micron options at a loss
▼ + stars: | 2022-10-17 | by ( Noel Randewich | ) www.reuters.com time to read: +2 min

Speaker of the House Nancy Pelosi (D-CA) and her husband Paul Pelosi arrive for the 42nd Annual Kennedy Awards Honors in Washington, U.S., December 8, 2019. REUTERS/Joshua RobertsOct 17 (Reuters) - U.S. House Speaker Nancy Pelosi's husband sold call options in chipmakers Micron Technology (MU.O) and Nvidia (NVDA.O) for a loss of under $1 million, according to a new transparency filing. The report also showed he sold Nvidia call options bought in July 2021 for a loss of $361,476. Register now for FREE unlimited access to Reuters.com RegisterAll of those events occurred on Sept. 16, according to the transaction report. In July, Paul Pelosi sold Nvidia shares days before the House approved legislation providing subsidies and tax credits worth over $70 billion to boost the U.S. semiconductor industry.

☆ What Cramer is watching Monday — BofA nice beat and my informal poll says people hate the market
▼ + stars: | 2022-10-17 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

WFC price target hikes at BMO Capital and Piper Sandler. Citi lowers price target on American Airlines (AAL) to $15 per share from $16. Mizuho cuts price target on Dow Inc. (DOW) to $46 per share from $62, pricing is falling apart. RBC Capital cut price target on Datadog (DDOG) to $105 per share from $125, getting more conservative. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Xi wanted China to be at the tech frontier. 5 years on, tensions with the U.S. have dented that goal
▼ + stars: | 2022-10-14 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +10 min

Major Chinese technology firms have been put on export blacklists since then. Looking ahead, the latest package of U.S. controls will make a huge dent in China's technology ambitions. Paul Triolo technology policy lead, Albright StonebridgeThings did not look as "bleak" for China's semiconductors in 2017 as they do now, Triolo said. China's tech crackdownA major hallmark of Xi's last five years is how he has transformed China into one of the strictest regulatory regimes globally for technology. China's technology giants are also posting their slowest growth in history, partly due to tighter regulations.

"We expect probably in 2023 the semiconductor industry will likely decline, but TSMC also is not immune," Wei told a media call. TOOL DELAYSTSMC, Asia's most valuable listed firm, cut its capital expenditure (capex) for 2022 to around $36 billion. "We say 2023 is still a growth year for TSMC, and the overall industry probably will decline," said Wei. Revenue for the quarter climbed 36% to $20.23 billion, versus TSMC's prior estimated range of $19.8 billion to $20.6 billion. Shares in TSMC have fallen almost 36% so far this year, giving it a market value of $323.7 billion.

☆ China chip industry group 'troubled' by U.S. export curbs
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Oct 13 (Reuters) - China's top trade group for the chip sector said on Thursday it was "disappointed" by recent U.S. export controls and warned they could put more stress on global supply chains. Last week, the U.S. Commerce Department passed a sweeping set of regulations aimed at kneecapping advancements in China's semiconductor industry. If enforced broadly, the regulations could bar research labs and commercial data centres' access to advanced AI chips, prevent Chinese chip fabs from purchasing critical manufacturing equipment, and force U.S. nationals working at advanced Chinese chip companies to resign. Share prices of Chinese tech giants and chip companies with facilities in China plunged in response to the U.S. curbs. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Josh Horwitz; Editing by Tom Hogue and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: China faces its "Sputnik" moment as US export curbs deal a blow to its chip ambitions
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +6 min

The measures are set to undermine China's efforts to develop its own chip industry aimed at reducing its reliance on foreign-made chips. These are the questions," says Marco Mezger, a consultant in Taiwan who tracks the global memory chip sector. Washington is also scrambling to tackle unintended consequences of its new export curbs, people familiar with the matter said. Hours before the new restriction took effect, South Korea's SK Hynix (000660.KS) said it got U.S. authorization to receive goods for its chip production facilities in China without additional licensing imposed by the new rules. Yet business at toolmaking firms servicing Chinese customers has already slowed dramatically, leaving their staff with little work to do but creating an opening for Chinese equipment makers seeking to catch up with western rivals, sources said.

☆ Globally critical chip firm tells U.S. staff to stop servicing China customers after Biden export curbs
▼ + stars: | 2022-10-13 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Dutch firm ASML makes one of the most important pieces of machinery required to manufacture the most advanced chips in the world. U.S. chip curbs have left companies, including ASML, scrambling to figure out what the rules mean in practice. A fab is a another name for a chip manufacturing plant. Last week, the U.S. government enacted sweeping rules that aimed to cut off China from key chips and semiconductor manufacturing equipment. Washington is concerned in particular about China obtaining access for the most advanced chips that can be used in military applications, artificial intelligence or super computing.

☆ ASML shares fall 7% after TSMC says it's cutting capital spending
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, Oct 13 (Reuters) - Shares in Dutch semiconductor equipment maker ASML (ASML.AS) fell 7% on Thursday after its biggest customer Taiwan Semiconductor Manufacturing Co (TSMC) cut its forecasts for capital spending by 10% this year, citing in part equipment delays. ASML, Europe's largest technology company, did not immediately respond to requests for comment. The company's shares were down 7.0% at 385.10 euros ($371.93) at 1259 GMT. ASML has forecast third quarter sales of 5.1 billion -5.4 billion euros ($4.93 billion-$5.22 billion). ($1 = 1.0354 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Toby Sterling; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Applied Materials became the first U.S. semiconductor company to put a dollar figure to the perceived impact. Register now for FREE unlimited access to Reuters.com RegisterChina accounted for 29% of Applied Materials' total sales in 2021, according to Evercore ISI analyst C.J. Applied Materials said the restrictions would reduce its fourth-quarter net sales by about $400 million, plus or minus $150 million. Adjusted profit is expected to be $1.54 to $1.78 per share, down from an earlier forecast of $1.82 to $2.18. Applied Materials' warning comes as the global chip industry already faces major headwinds from tumbling demand post-COVID in computers, smartphones and other electronic devices.

☆ Applied Materials cuts quarterly revenue estimate on new China export curbs
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Oct 12 (Reuters) - Semiconductor manufacturing equipment maker Applied Materials Inc (AMAT.O) said on Wednesday new export curbs related to China's chip industry may result in a revenue hit of over $1 billion in the fourth and first quarters. Under the new regulations, U.S. companies must cease supplying Chinese chipmakers with equipment that can produce relatively advanced chips unless they first obtain a license. Applied Materials now expects fourth-quarter net sales to be about $6.4 billion, plus or minus $250 million, compared with prior outlook of $6.65 billion, plus or minus $400 million. The company also expects the new regulations to impact net sales in the first quarter of fiscal 2023 similar to the current quarter. Register now for FREE unlimited access to Reuters.com RegisterReporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies U.S. producer prices rise more than expected in SeptemberFOMC September meet minutes due at 2 p.m. The Labor Department's producer prices index rose 8.5% in the 12 months through September, slightly higher than an estimated 8.4% rise. In the afternoon, investors will scrutinize the Fed's September meeting minutes for more clarity on the central bank's rate hike trajectory. Investors also await the highly-anticipated consumer prices report on Thursday, which is expected to have picked up in September. Declining issues outnumbered advancers for a 1.45-to-1 ratio on the NYSE and advancers for a 1.22-to-1 ratio on the Nasdaq.

The Labor Department's producer prices index rose 8.5% in the 12 months through September, slightly higher than an estimated 8.4% rise. Register now for FREE unlimited access to Reuters.com Register"It is not going to be that way. That's what the Fed has been looking at and that's why they're raising rates the way they are. Persistent inflation has sparked worries about the Fed's aggressive monetary action tipping the world's largest economy into a recession. ET, Dow e-minis were up 46 points, or 0.16%, S&P 500 e-minis were up 10.25 points, or 0.28%, and Nasdaq 100 e-minis were up 41.25 points, or 0.38%.

The bounce follows five straight days of declines in the Nasdaq (.IXIC) and the benchmark S&P 500 (.SPX) as recent economic data nearly sealed a case for a fourth consecutive 75-basis-point hike by the Fed. The Labor Department's producer prices index data due at 8:30 a.m. ET is expected to have risen 8.4% in the 12 months through September, after advancing 8.7% in August. Register now for FREE unlimited access to Reuters.com RegisterStubborn inflation has sparked worries about the Fed's aggressive monetary action tipping the world's largest economy into a recession. ET, Dow e-minis were up 118 points, or 0.4%, S&P 500 e-minis were up 20.5 points, or 0.57%, and Nasdaq 100 e-minis were up 85.25 points, or 0.79%.

As published, the rules require licenses before U.S. exports can be shipped to facilities with advanced chip production in China, as part of a U.S. bid to slow Beijing's technological and military advances. Register now for FREE unlimited access to Reuters.com RegisterThe U.S. had planned to grant licenses to supply non-Chinese chip factories on a case-by-case basis, while licenses to Chinese chipmakers will face a presumption of denial. As of midnight Tuesday, vendors also cannot support, service and send non-U.S. supplies to such China-based factories without licenses if U.S. companies authorize, direct or request them. A White House spokesperson also did not respond to a request for comment. Register now for FREE unlimited access to Reuters.com RegisterReporting By Jane Lanhee Lee and Karen Freifeld; Editing by Kim Coghill and Richard PullinOur Standards: The Thomson Reuters Trust Principles.

☆ Applied Materials cuts quarterly revenue, profit estimates on new China export curbs
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Oct 12 (Reuters) - Applied Materials Inc (AMAT.O) said on Wednesday export curbs related to China's chip industry would result in a net sales hit of $250 million-$550 million in the quarter ending Oct. 30, with a similar impact expected in the following three months. Register now for FREE unlimited access to Reuters.com RegisterApplied Materials said the regulations would reduce its fourth-quarter net sales by about $400 million, plus or minus $150 million. Adjusted profit is expected to be $1.54 to $1.78 per share, down from an earlier forecast of $1.82 to $2.18. "Applied is pursuing additional export licenses and authorizations where needed," the company said in a statement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Arunima Kumar and Yuvraj Malik in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

The Labor Department's producer prices index rose 8.5% in the 12 months through September, slightly higher than an estimated 8.4% rise. read morePersistent inflation has increased concerns about the Fed's aggressive monetary action tipping the world's largest economy into a recession. That's what the Fed has been looking at and that's why they're raising rates the way they are. Declining issues outnumbered advancers for a 1.74-to-1 ratio on the NYSE and for a 1.47-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week high and 41 new lows, while the Nasdaq recorded 7 new highs and 201 new lows.

☆ Wall St futures rise with focus on inflation data, Fed minutes
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

The producer price index, an important inflation gauge, is expected to have risen 8.4% in the 12 months through September, after advancing 8.7% in August, according a Reuters poll. Register now for FREE unlimited access to Reuters.com RegisterMinutes from the Federal Open Market Committee meeting, which was held last month, will be released later in the day. Megacap companies Tesla Inc (TSLA.O) and Apple Inc (AAPL.O) added 0.8% each in premarket trading. ET, Dow e-minis were up 165 points, or 0.56%, S&P 500 e-minis were up 23.75 points, or 0.66%, and Nasdaq 100 e-minis were up 89.25 points, or 0.82%. Register now for FREE unlimited access to Reuters.com RegisterReporting by Bansari Mayur Kamdar in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: The Next Three Days
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +3 min

Well, the Bank of England's Andrew Bailey has crowed, sort of making clear the Liz Truss government can't bank on it defending markets from the fallout of an ill-conceived economic revival plan for more than three days. "You've got three days left now. You've got to get this done," Bailey said on Tuesday, referring to the pension funds. Meanwhile, the U.S. dollar is up, yen is at 24-year lows, yields are soaring, sterling is wobbling and oil is slipping. That comes days after a sweeping set of export controls published by the Biden administration aimed at cutting China off from certain semiconductor chips made anywhere in the world with U.S. equipment.

☆ The Next Three Days
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +3 min

Well, the Bank of England's Andrew Bailey has crowed, sort of making clear the Liz Truss government can't bank on it defending markets from the fallout of an ill-conceived economic revival plan for more than three days. "You've got three days left now. Meanwhile, the U.S. dollar is up, yen is at 24-year lows, yields are soaring, sterling is wobbling and oil is slipping. Not all is lost for the chip industry that has been hammered in the past few days after a Reuters report on Tuesday that the U.S. government has allowed at least two non-Chinese chipmakers operating in China to receive restricted goods and services without their suppliers seeking licenses. That comes days after a sweeping set of export controls published by the Biden administration aimed at cutting China off from certain semiconductor chips made anywhere in the world with U.S. equipment.

☆ Chipmaker Intel is planning massive layoffs that are likely to affect thousands of jobs as demand dwindles and the US imposes new curbs against China: report
▼ + stars: | 2022-10-12 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Intel is planning major layoffs that are likely to affect thousands of jobs, per Bloomberg. The US introduced export controls which could limit the sales of semiconductors made using US technology. Staffers in Intel's sales and marketing division could see jobs cuts affecting around 20% employees, the report said. The news of layoffs follows a drop in demand for processors for personal computers, or PCs, and an industry-wide sell-off following a spate of new curbs the US has aimed at restricting technology sales to China. These curbs also affected US companies like Intel: Intel stock was down 5.4% Friday and is down around 7.9% since then.

☆ Intel plans to cut thousands of jobs hit by PC slowdown - Bloomberg News
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

The company had 113,700 employees as of July, Bloomberg News said. Register now for FREE unlimited access to Reuters.com RegisterIntel declined to comment on the job cuts. The company in July slashed its annual sales and profit forecasts after missing estimates for second-quarter results. Intel's Chief Executive Officer Pat Gelsinger released a memo to company employees on Tuesday outlining plans to create an internal foundry model for external customers and the company's product lines. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Yuvraj Malik and Abinaya Vijayaraghavan in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

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