Diesel europeu duplica de valor e ameaça afetar todos os preços

[Ulisses Pereira]

"Trouble in the Semi Space"

By Jim Cramer
RealMoney.com Columnist
2/6/2007 8:06 AM EST

"Avnet (AVT - commentary - Cramer's Take - Rating) is such a quandary here.

Last night, when interviewing the company's chairman on "Mad Money," I was struck by how well it is doing, even though the semiconductor industry isn't doing that well. When I looked at the quarter, it didn't seem possible that the world's biggest distributor was coining money when the companies whose products it distributes are all challenged.

But Roy Vallee explained it all: The semiconductors are shipping huge volumes at basically profitless or less-than-ideal profit points, and that's the problem with the semi industry. If you examine this group since they have reported, you will see that of all the industries out there, this one comes off as a less investable place. Its profits aren't good, its sales better but not good enough -- can't make it up in volume -- and its prospects are just so-so.

That means we have overcapacity, and there's no one out there to roll these up.

There's a tendency to think that the industry's outlook is rosier than it is. Just this morning in the C section of The Wall Street Journal, there's an article that talks about great Texas Instruments (TXN - commentary - Cramer's Take - Rating) earnings.

Jeesh! Untrue. Texas Instruments' quarter was not so hot; only a part of its outlook was.

Bottom line: Avnet's good; the group isn't and should still be avoided. "

(in www.realmoney.com)