Goldman Sachs Anticipates Novellus 2Q

“We expect Novellus NVLS to report 2Q results that are in line with its updated guidance,” Goldman Sachs writes. “The company guided orders down about 25% qoq, shipments flat to down 10% qoq, revenues of $330 to $372 mn (-10% to -20% qoq), and EPS of $0.70 to $0.80. “We believe that the company will guide 3Q orders within a wide range of down slightly to up 15% qoq, given the recent volatile fundamentals coupled with what has been a positive bias from management. Our 3Q11 revenue/EPS estimates of $350 mn (flat qoq)/$0.84 are below the Street at $360 mn (+2% qoq)/$0.86.” Novellus closed Friday at $35.97.