Akamai Technologies, Inc. (NASDAQ: AKAM) Cut to Neutral from Buy at Janney Capital Markets. 
Angie’s List, Inc. (NASDAQ: ANGI) Started as Buy at Stifel Nicolaus; Started as Perform at Oppenheimer; Started as Buy at Janney Capital Markets.
Apple Inc. (NASDAQ: AAPL) lowered price target to $513 from $530 at Morgan Keegan.
Cooper Industries plc (NYSE: CBE) Cut to Neutral from Outperform at Credit Suisse.
Fusion-io, Inc. (NYSE: FIO) Raised to Overweight at Morgan Stanley.
General Growth Properties Inc. (NYSE: GGP) Cut to Neutral from Outperform at Credit Suisse.
Guess?, Inc. (NYSE: GES) Cut to Underperform from Neutral as Bear of the Day at Zacks Investment Research.
Petroleum Development Corporation (NASDAQ: PETD) Cut to Hold at Canaccord Genuity.
PMC-Sierra Inc. (NASDAQ: PMCS) Cut to Neutral with $6 target at Goldman Sachs.
Prologis, Inc. (NYSE: PLD) Started as Outperform at Wells Fargo.
Regency Centers Corporation (NYSE: REG) Cut to Neutral from Outperform at Credit Suisse.
Reliance Steel & Aluminum Company (NYSE: RS) named as value stock of the day at Zacks Investment Research.
Under Armour, Inc. (NYSE: UA) Raised to Outperform with $90 target at Baird.
Universal Display Corporation (NASDAQ: PANL) maintained Hold and lowered estimates and target to $35 at Canaccord Genuity.
Ventas, Inc. (NYSE: VTR) Raised to Long-Term Outperform and named as the Bull of the Day at Zacks Investment Research.
Williams-Sonoma Inc. (NYSE: WSM) Cut to Sell at Janney Capital Markets.

Read Also: DJIA Stocks Now Expected To Rise 12% in 2012

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JON C. OGG

The current list of 24/7 Wall St.’s Technology Value List for the Rest of 2011 is in alphabetical order: Activision Blizzard, Inc.  (NASDAQ: ATVI); Amkor Technology, Inc. (NASDAQ: AMKR); Arris Group Inc. (NASDAQ: ARRS); Brocade Communications Systems, Inc. (NASDAQ: BRCD); Integrated Device Technology, Inc. (NASDAQ: IDTI); MEMC Electronic Materials Inc. (NYSE: WFR); PMC-Sierra Inc. (NASDAQ PMCS); SanDisk Corp. (NASDAQ: SNDK); and Western Digital Corporation (NYSE: WDC).

Generally speaking, technology value is under 2-times book value under is now under 12.5-times expected earnings.  Except where otherwise noted, the source for all performance and financial data is Finviz.com.  When you have Cisco, Microsoft, and Intel all trading at dirt-cheap earnings multiples, many investors may think that value and tech are immaterial.  Another issue is that private equity firms generally look at other less capital-intensive businesses with lower R&D expenses.

Only two of these deep value tech picks are repeated from our “Deep Tech Value List from Late 2010″ and the mix there will show some serious wins and some which remain in the value-trap category.  The remaining two value picks and others from that list are higher than late in 2010, but one of those prior value picks is Kulicke & Soffa Industries Inc. (NASDAQ: KLIC) and it has nearly doubled since then despite facing woes around the time.

Activision Blizzard, Inc.  (NASDAQ: ATVI) boasts a price to book value ratio of 1.28 to 1 placing it in the top-tier of these companies.  The company’s $13 billion market cap ranks it first among this group of technology companies.  Its 12.5 forward earnings multiple is makes it richest among these nine companies.  In a recent trading session Activision’s shares closed at $11.38.  Its 52-week price range is $10.16 to $12.46.

Activision is no buyout candidate by our take.  The company has an incredible console and PC game line-up and it clearly wins in the MMORPG genre.  Perhaps its biggest competition and threat today is “freemium” games that are sold to iPhone and iPad users or which are social-networking oriented games.  It is even possible that Zynga is going to be valued more than Activision’s $13+ billion market capitalization.  Activision has a consensus Thomson Reuters analyst price target above $14.00, a price not seen since before the tech sector and economy went into the tank of the recession.  If Zynga’s market cap is magically going to be $15 to $20 billion with about one-quarter of the revenues, the true largest gaming stock is going to look like deep value.

Amkor Technology, Inc. (NASDAQ: AMKR) is in the unloved and somewhat boring space of semiconductor packaging and test services.  As with many value stocks, it is probably cheap for a reason.  Its shares are trading at a price to book value of 1.56 to 1 a middle-of-the-pack number among these companies.  The company’s $1.2 billion market cap places it among the smallest of these companies.  Its forward PE multiple at less than 6 is virtually the “leanest” and best among these companies.  Amkor recently closed at $6.10.  Its 52-week trading range is $5.05 to $8.49.

What is interesting is that the Thomson Reuters consensus price is $9.50, implying upside of more than 50%.  It has effectively been trying to refinance its debt at lower rates, which will make its debt level less burdensome ahead.  Fortunately, this company carries almost no value in goodwill and intangibles.  Amkor was at point in 2007 worth some $16.00 per share and the company might be able use its interest savings for dividend payments.  There has been consolidation in its space for bolt-on acquisitions.

Arris Group Inc. (NASDAQ: ARRS) is an equipment-maker for the broadband communications sector, and that means it sits in a peer group that is subject to good hits and bad misses.  The company boasts a price to book ratio of about 1.41, placing it in the top-tier of these companies.  The company’s $1.4 billion market cap places it in the lower tier of these companies.  Its forward earnings multiple in excess of about 12 ranks it among the richer companies on this list, but still cheap against many peers.  In a recent trading session Arris Group’s shares closed at $11.27.  ts 52-week trading range is $8.16  to $14.49.

Arris offers no real yield as a safety net for income-oriented value investors.  The company has very manageable debt and more than $620 million in cash.  Arris is in the middle of a long-term range in the stock and offers no real dividend.  There is value when it comes to traditional screens here, but historically it seems to be somewhere around Par for investors.

Brocade Communications Systems, Inc. (NASDAQ: BRCD) is one that is in the ripe spot for consolidation in networking and storage.  It boast a price to book ratio of under 1.4 and many investors and some analysts consider this one to be bait for consolidation.  Its market cap is about $3 billion.  The company’s forward earnings multiple in excess of 11.5 ranks it among the richer companies on this list.  Brocade shares posted a closing price of $6.25 in a recent session.  The 52-week price range is $4.64 to $7.30.

One analyst recently laid out the case that Brocade should be acquired by Dell.  Thomson Reuters used to have a consensus price target much higher and this one was worth $10.00 back in 2007.  Arguably it is the poor-man’s Cisco, and that is keeping it from being a high premium stock right now.

Amazon.com Inc. (NASDAQ: AMZN) fell 7.2% to $171.14 on Friday on nearly 20 million shares.  Despite a 36% gain in earnings revenues fell short of estimates and its guidance was mixed as the margin pressure continues here.  Shares had hit an all-time high of $191.60 just a week before.

Arena Pharmaceuticals Inc. (NASDAQ: ARNA) died on Friday as shares fell 18.5% on more than 10 million shares to $1.63 after the company announced a 25% workforce cut while it focuses on regulatory approval of its diet drug called lorcaserin. Biotechs cutting workforce… bad.

Bionovo Inc. (NASDAQ: BNVI) is not as commonly discussed because of a low price, but its shares were hammered down by 20.9% Friday after a stock and warrant sale to help advance its menopause drug to late-stage trials.  Some 4.7 million shares traded and it fell to $0.87 versus a 52-week range of $0.84 to $3.15.  Friday marked a new 52-week low.

Eastman Kodak Co. (NYSE: EK) is about as ugly as it gets.  It lost a patent case and then on Wednesday announced a 95% drop in profits that missed expectations due to film, digital, and IP-licensing revenues.  Nothing ever works here and selling volume peaked at 70 million shares on Wednesday.  On Monday shares were $5.22, but on Friday shares closed at $3.64.  The tally comes to a drop of a whopping 30%… At least the short sellers cleaned up.

Ford Motor Co. (NYSE: F) caught everyone off guard on its earnings miss.  After so much improvement, what goes up exponentially must fall back down to reality.  Friday’s drop came to 13.4% in the red and on a massive 480 million shares on Friday alone.

Infinera Corp. (NASDAQ: INFN) was another huge loser on Friday with shares falling 17.9% to $7.37 on more than 11.2 million shares.  Its adjusted profit beat its forecasts, but the communication equipment maker gave guidance that was well under estimates.  Its 52-week range is $5.70 to $12.90.

Monster Worldwide Inc. (NYSE: MWW) was a serious loser this week.  After earnings and revenue came in very lackluster, its guidance was soft, it switched CFOs, and LinkedIn filed for an IPO.  Monster shares fell 25.4% to $15.95 on more than 21 million shares.

Momenta Pharmaceutical Inc. (NASDAQ: MNTA) was battered this week on fears that its role in selling generic blood thinners may be ending. Shares closed on Monday at $15.80 and closed out Friday at $12.49, withe the peak volume on Tuesday of almost 9 million shares.  Its drop for the week: -20.9%.  At $12.49, its 52-week range is $10.77 to $26.20.

Motorola Mobility Holdings Inc. (NYSE: MMI) got its first dose of earnings as its own public company this week.  Earnings beat estimates but the first quarter is put at only break-even on an operational basis.  Shares were down over 12% on Thursday’s 12.65 million shares, but the drop continued on Friday.  The pre-earnings high of $34.83 on Wednesday turned into $29.59 on Friday by the close.  The drop here came to 15% from Wednesday’s close to Friday.

Myriad Genetics Inc. (NASDAQ: MYGN) had a very hard Friday as ist Q2-profit fell by 32%. Income tax provisions and margins were not enough to matter even after it affirmed the annual guidance.  Shares fell by 13.8% to $19.30 on Friday on volume of more than 7 million shares.

Pluristem Therapeutics Inc. (NASDAQ: PSTI) was crushed on Thursday as shares were down by 26% to $3.09 after the cell therapy company showed the size and price of stock and warrant offering was very dilutive.  If it helps at all, shares were back up a whole 1.29% to $3.13 on Friday.

PMC-Sierra Inc. (NASDAQ: PMCS) saw its shares punished this week and Friday’s drop was 12.8% to $7.77 on more than 25 million shares after the provider of broadband communication chips said Q4 earnings fell by about 28% as margins fell and R&D costs rose.  On Monday, shares were at $9.00 on the close… making for a loss of almost 14% from Monday’s close to Friday’s close.

Quantum Corp. (NYSE: QTM) went from bad to worse after profits missed estimates due to an inability to close business in the quarter.  Guidance was weak too.  Shares were down more than 16% on Thursday to $3.01, but then shares slid yet another 8.3% on Friday down to $2.76.  After a close lower each day since Monday’s close of $3.93, the drop from Monday’s close to Friday’s close was a whopping 29.7%.

Tessera Technologies Inc. (NASDAQ: TSRA) wished that Friday would not have come.  Despite a large gain in profit, revenue, and margins, Tessera lowered guidance and announced job cuts.  Shares closed down 19.3% to $17.11 on Friday on more than 2.8 million shares.

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JON C. OGG

Beazer Homes (NYSE: BZH) Raised to Buy at UBS.
BP plc (NYSE: BP) Reiterated Buy at Citigroup.
Ciena Corp. (NASDAQ: CIEN) Started as Underweight at JPMorgan.
Corning Inc. (NYSE: GLW) Started as Neutral at JPMorgan.
Expedia Inc. (NASDAQ: EXPE) Started as Buy at FBR.
F5 Networks, Inc. (NASDAQ: FFIV) Started as Overweight at JPMorgan.
Franklin Resources, Inc. (NYSE: BEN) Started as Positive at Susquehanna.
Janus Capital Group Inc. (NYSE: JNS) Started as Positive at Susquehanna.
Juniper Networks, Inc. (NASDAQ: JNPR) Started as Overweight at JPMorgan; Cut to Perform at Oppenheimer.
PMC-Sierra Inc. (NASDAQ: PMCS) Started as Overweight at JPMorgan.
Priceline.com (NASDAQ: PCLN) Started as Market Perform at FBR.
SunPower Corp. (NASDAQ: SPWRA) Raised to Hold at Hapoalim.
T. Rowe Price Group Inc. (NASDAQ: TROW) Started as Positive at Susquehanna.

JON C. OGG

Abercrombie & Fitch (NYSE: ANF) Started as Market Perform at Wells Fargo.
American Eagle Outfitters (NYSE: AEO) Started as Market Perform at Wells Fargo.
Analog Devices (NYSE: ADI) Cut to Neutral at BofA/Merrill.
Alcoa (NYSE: AA) Cut to Underperform at BMO.
Altera Corp. (NASDAQ: ALTR) Cut to Neutral at BofA/Merrill.
Colgate-Palmolive (NYSE: CL) Cut to Neutral at BofA/Merrill.
Leap Wireless (NASDAQ: LEAP) Cut to Neutral at Piper Jaffray.
PMC-Sierra (NASDAQ: PMCS) Cut to UNderperform at BofA/Merrill.
Xilinx (NASDAQ: XLNX) Cut to Neutral at BofA/Merrill.

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JON C. Ogg

AOL Inc. (NYSE: AOL) Started as Underperform at Credit Suisse.
ARM Holdings (NASDAQ: ARMH) Started as Buy at Deutsche Bank.
ExxonMobil (NYSE: XOM) Raised to Buy at Societe Generale.
Finisar (NASDAQ: FNSR) Raised to Overweight at Piper Jaffray.
Mead Johnson Nutrition (NYSE: MJN) Raised to Outperform at Credit Suisse.
Palm, Inc. (NASDAQ: PALM) Raised to Hold from Sell at Jesup & Lamont.
PMC-Sierra (NASDAQ: PMCS) Cut to Equal Weight at BArclays.
RadioShack (NYSE: RSH) Raised to Overweight at Barclays.
Sterling Bancshares (NASDAQ: SBIB) Raised to Outperform at Oppenheimer.
Visa Inc. (NYSE: V) Raised to Outperform at Baird.

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JON C. OGG

There were actually a few Morgan Stanley upgrades in the broader call as well.  PMC-Sierra (NASDAQ: PMCS), QLogic (NASDAQ: QLGC), Lam Research (NASDAQ: LRCX) and Xilinx (NASDAQ: XLNX) were all raised to Overweight.

JON C. OGG

Altera (ALTR) Cut to Underweight at Morgan Stanley.
Applied Micro Circuits (AMCC) Cut to Underweight at Morgan Stanley.
ASML (ASML) Cut to Neutral at Goldman Sachs.
Broadcom (BRCM) Raised to Overweight at Morgan Stanley.
Lattice Semiconductor (LSCC) Cut to Underweight at Morgan Stanley.
Marvell Tech (MRVL) Raised to Overweight at Morgan Stanley.
MEMC (WFR) Raised to Equal Weight at Morgan Stanley.
Micron Technology (MU) Raised to Overweight at Morgan Stanley.
PMC-Sierra (PMCS) Cut to Equal Weight at Morgan Stanley.
STMicroelectronics (STM) Raised to Buy at Goldman Sachs.
Xilinx (XLNX) Cut to Underweight at Morgan Stanley.

JON C. OGG

The more important stock in the chip space today is Broadcom Corp.(NASDAQ: BRCM).  First Call has estimates at $0.27 EPS and $1.07billion in revenues.  Estimates for next quarter are $0.17 EPS and$953.14 million in revenues.  We would expect that Broadcom gets a bitmore conservative in its outlook and in the degree it willing to go outon a limb just like its peers have.  First Call has estimates nextquarter as $0.17 EPS and $953.14 million.  Analysts have already backedoff of forward numbers, so the bar is already set low here.  Shares are down 5.5% at $17.30 early in the afternoon, and the 52-weektrading range is $12.98 to $29.91.  A lot of how the reaction will beis likely to key off of how the company signals its own slow down aheadlike its peers are seeing.  Unless Marvell, Qualcomm, TexasInstruments, and other big players have all been sandbagging themselvesjust to avoid the appearance of opulence, then you know that cautionwill likely prevail.

Rambus Inc. (NASDAQ: RMBS) is going to be a very hard one to judge,because traders are going to have to listen to what the company saysabout its recent lawsuit loss and then try to plug in the negatives onhow it will affect earnings in the quarters ahead.  Top top it off,this active and volatile stock has a very limited analyst followingbehind it.  In fact, First Call has no big name firms in the stock.  Itis just a question of how wide losses will be.  This one got killedrecently, and at $9.06 its is in the lower reaches of its $4.95 to$26.41 over the last 52-week trading range.

Integrated Device Technology Inc. (NASDAQ: IDTI) has lost much of itsimportance or at least lost how it impacts the sector.  But it is alsoone of the under the radar players that is expected to remainprofitable.  The maker of mixed-signal semiconductor solutions for thecommunications, computing, and consumer industries is expected to postearnings of $0.14 EPS on $166.6 million in revenues.  For next quarterthe estimates are $0.09 EPS on $148.2 million in revenues.  With sharesdown 6% at $5.48 today, its 52-week trading range is $4.17 to $12.70.

KLA-Tencor Corporation (NASDAQ: KLAC) on the chip equipment and cap-exside of the chip business is almost impossible to get excited aboutwhen you have listened to what every company in the world has saidabout R&D and Cap-ex spending ahead.  First Call has estimates at-$0.01 EPS and $415.6 million in revenues.  And for next quarter,consensus is -$0.07 EPS and $347 million.  The estimates forFiscal-June-2009 are only $0.21 EPS and $1.64 billion in revenues.  Sothe only question is this… "Analysts gone so negative, so whathappens if they ac tually post a profit?"….  As $18.98 this is downabout 60% from last year’s high.

Maxim Integrated Products Inc. (NASDAQ: MXIM) has also been cut in justabout half from last year.  The maker of linear and mixed-signalintegrated circuits is expected to post $0.04 EPS on almost $410million in revenues.  Next quarter estimates are $0.06 EPS and $367.3million in revenues.  This one is deemed as an interchangeable stockwith Linear Tech (NASDAQ: LLTC) as far as traders are concerned.

Microchip Technology Inc. (MCHP) is an interesting one here in thespecialized semiconductor products for various embedded controlapplications.  First Call has estimates at $0.22 EPS on $188.88 millionin revenues.  For the next quarter, targets are $0.17 EPS and $174.5million in revenues.  What is interesting is that this one was raisedat Barclays to an Overweight just in the last day.  So any upside thatis less bad for the coming quarter might be greeted with cheer.  At$18.33, this is at the lower part of the $16.23 to $38.37 range of thelast 52-weeks.

PMC-Sierra Inc. (NASDAQ: PMCS) has also fallen from the importancescale over the years and is only a fraction of the value in the verylate-1990′s.  Estimates for the communications chip provider are $0.08EPS and $119.65 million in revenues.

Varian Semiconductor Equipment Associates Inc. (NASDAQ: VSEA) is beinghit rather hard today with an 11% drop to $18.98.  It too has been cutin more than half this last year.  It is in the semiconductorprocessing equipment used for fabricating integrated circuits.  FirstCall sees a loss at -$0.12 on $107.9 million for this last quarter.  Itis expected to be even lower for the quarter ahead with earnings (well,losses) at -$0.15 EPS on $90.9 million in revenues. 

Keep in mind that some of these estimates may have changed at the lastminute.  All EPS projections are on a non-GAAP basis.  We also did notinclude the "layoff expectations" from each company, but the sad partis that you have to know more layoffs in the sector are coming.  It hasalmost become cool for companies to cut workers, cap-ex, R&D, andcost structures.  Of course hard times call for hard measures, but youget the idea.

Today should mark the apex of chip earnings for this earnings season.

Jon C. Ogg
January 29, 2009

• Aruba Networks (ARUN) Raised to Neutral from Sell at Goldman Sachs.
• PMC-Sierra (PMCS) Raised to Buy at Goldman Sachs.
• Riverbed Tech (RVBD) Raised to Neutral at UBS.
• Altera (ALTR) Cut to Sell at Goldman Sachs.
• Ctrip.com (CTRP) Cut target to $45 from $62 at Goldman Sachs.
• Parametric Tech (PMTC) Cut to Neutral at Piper Jaffray.
• SonicWALL (SNWL) Cut to Neutral at Baird.
• Xilinx (XLNX) Cut to Neutral at Goldman Sachs.

Jon C. Ogg
October 29, 2008