First Things First:

The RF to Light 100 dropped 2% last week, YTD +1% at 2480. The impressive start for tech stocks grinded to a halt as new earnings failed to vindicate recent market gains. Also, lower forecasts and broker downgrades changed the mood. Intel set the tone with a 5% stock decline. My RF semiconductor market sector dropped 4%. Motorola wants to axe 3500 jobs - stock rose 7%. Airbus will post a loss of several hundred million euros in 2006 due to A380 super jumbo delay.

In the News:

A Chinese missile destroyed a Chinese polar orbit weather satellite 540 miles above the earth. US satellites providing early warning of ballistic missile launches typically have altitudes of 22500 miles.

The US and former Soviet Union stopped testing anti-satellite weapons in the 1980's, partly out of concern over the effect of space debris on their satellites. Is this the beginning on a new arms race?

PIS (personal investment system):

Within 5 year low: Exar, Verizon, Vitesse, Maxim
Within 2 year low: Sprint-Nextel, Sycamore and Microsemi joined.
Within 5 year high: ATC joined, Alcatel-Lucent and Teledyne dropped out.
Within 2 year high: Advanced Energy, Applied Materials dropped out.

New Highs:

AMT, CCI, CMCSA, COL, ERIC, HPQ, HRS, IFX, LMT, LVLT, MSFT, SI, SPEC.

New Lows:

MOT

Market Oversold Indicator:

up to 79%

Market Overbought Indicator:

down to 55%

Top Five:

Last Week:

MRV (9%), ATC (7%), Motorola (7%), JDSU (6%), Crown Castle (6%)

Year to Date:

Spectrum Control (16%), ATC (16%), MEMC (15%), Agere (15%), LSI (14%).

Bottom Five:

Last Week:

Bookham (-15%), Advanced Energy (-11%), Finisar (-10%), Amkor (-9%), Level 3 (-8%)

Year to Date:

Bookham (-30%), Microsemi (-12%), Rogers (-12%), Sirenza (-11%), Advanced Energy (-11%)

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The RF to Light 100 is an abstract of the RF to Light 100 Pulse of the Industry Report, produced by industry veteran Gunter Vorlop.

The full report includes extensive economic data covering 100 public companies operating in markets that include space & defense, communications services, network systems, RF semiconductors, RF components and F/O components. It includes 12 spreadsheets with charts that are updated weekly, providing financial insight into the microwave industry for investors and corporate managers.

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DISCLAIMER:

Views and data expressed herein are solely those of Mr. Vorlop and not of his employer, Presidio Components Inc. nor those of Microwave Journal.

By Sectors:

Space & Defense:

-1%,YTD +2%

Communic. Services:

0%, YTD +2%

Network Systems :

-1%, YTD +1%

RF Semiconductors:

-4%, YTD +2%

RF Components:

-2%, YTD -2%

F/O Components:

-3%, YTD 0%

Miscell.:

-2%, YTD 0%