Lam Research (LRCX) shares are trading lower after Citigroup analyst Timothy Arcuri asserted in a research note that Samsung is likely to push out orders and delivery for equipment targeted at DRAM capacity expansion. He says Samsung is pushing out $750 million to $1 billion of equipment orders – and [...]

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Lam Research (LRCX) shares are trading lower after Goldman Sachs analyst James Covello removed the semiconductor equipment company’s stock from the firm’s Conviction Buy List, although he maintains a Buy rating on the stock.
Covello notes that the stock has rallied 34% since it was added to the list in June [...]

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Lam Research (LRCX) this afternoon posted better-than-expected results for its fiscal first quarter ended September.
For the quarter, the company reported revenue of $805.9 million and profits of $1.55 a share, or $1.52 a share on an ongoing net income basis; the Street has been forecasting $794.4 million and $1.37. Shipments [...]

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The earnings reports are rolling in fast and furious now, faster and furious-er than I can post about them.

Here’s a quick summary of a few of this afternoon’s batch that I haven’t yet written about:

• Novellus (NVLS): The semiconductor equipment producer reported Q1 sales of $276.2 million, up 179.3% from a year ago, and 13.1% ahead of Q4; keep in mind that the sector a year ago had basically come to a standstill. The Street has been expecting $265.5 million. Excluding special items, the company earned 47 cents a share, above the Street at 42 cents. Bookings were $321.4 million, up 24.7% sequentially; shipments were $282.,8 million, up 15.7% sequentially. NVLS in late trading is down 5 cents at $26.60.
• Lam Research (LRCX): Another semi equipment producer, Lam posted Q1 revenue of $632.8 million, above the Street at $623.8 million, with profits of 94 cents a share, above the Street at 82 cents. Lam in late trading is off 99 cents, or 2.5%, to $39.
  
• Mattson Technology (MTSN): And yet another semi equip provider. Mattson posted Q1 sales of $25.2 million, up from $17.9 million in Q4and $5.6 million a year ago, and above the Street at $23.7 million. Net loss was 22 cents a share, including 2 cents from special charges; the Street has been looking for a loss of 22 cents. Mattson in the regular session was up 7 cents at $5.32.
• Polycom (PLCM): The videoconferencing company and oft-rumored takeover target reported Q1 revenue of $276 million, up 23% from a year ago, and ahead of the Street at $263 million. Non-GAAP profits were 29 cents a share, ahead of the Street at 25 cents. In late trading, PLCM is down is down 85 cents, or 2.7%, to $31.15.
  
• Equinix (EQIX): The data center operator reported Q1 revenue of $248.6 million, up 3% sequentially, and 25% year over year, and a bit above the Street at $246.4 million. But diluted EPS of 35 cents a share came in short of the Street at 43 cents. For Q2, the company sees revenue of $258 million to $260 million; the Street has been expecting $258.5 million. For the full year, the company sees revenue of $1.065 billion to $1.08 billion, above the Street at $1.06 billion. In late trading, EQIX is off 22 cents, at $100.40.
  

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Oppenheimer analyst Gary Hsueh this morning downgraded his ratings on both KLA-Tencor (KLAC) and Lam Reserarch (LRCX), citing signs of weakness observed on a recent trip through Asia.

On KLAC, he goes to Underperform from Perform; on LRCX he goes to Perform from Outperform.

“Right off the bat on our quarterly trip to Asia, things weren’t smelling right for semi cap equipment,” he writes in a research note. “decent sell-through in China during the Lunar New Year week in February, and better-than-expected February retail sales in the U.S. appear to justify slightly the inventory creep for semis in Q2, and DRAM remains tight. Yet, for semi cap equipment, there is no getting around the issue of customer concentration.” And he says checks find front-end semi equipment companies are facing a 15-20% Q2 drop in orders as Taiwan Semiconductor (TSM) cuts purchasing to zero in Q2 and Q3. So while he still likes the group long-term, he adds that “we have to face reality.”

For LRCX, he also cuts his June 2011 EPS forecast to $2.82, from $4.25, and chops his price target to $35, from $55.

For KLAC, his June 0211 estimate drops to $2.02, from $2.80. His target is now $25, down from $37.

He also trims estimates for Applied Materials (AMAT): for the October 2010 year, he goes to 83 cents, from $1, while for FY 2011 he now sees $1.29, down from $1.50. His target price drops to $17, from $20.

In today’s trading:

• LRCX is down $1.11, or 3.3%, to $33.15.
• KLAC is down $1.24, or 4.2%, to $28.21.
• AMAT Is down 16 cents, or 1.3%, to $12.20.

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