The RF to Light 100 changed 0% last week, YTD + 8% at 2323.

Headlines: Nortel & Huawei announced joint venture for broadband equipment. Ericsson expects moderate growth this year. Filtronic chief quits after loss, expects wireless infrastructure market be flat this year. Nokia expects mobile phones to grow 10% this year. Fed target rate was increased to 4.5%. Stocks fell sharply as productivity fell .6% /annual rate in 4th Qtr while labor cost up 3.5%. More interest hikes ahead? Global manufacturing economy started 2006 on a positive footing, with growth of output, new orders and employment all maintained (JP Morgan Global PMI).

New Highs: AEIS, ANAD, ANEN, ARXX, ATHR, AVX, BKHM, BLS, BRCM, BWNG, CIEN,
DOV, FCS, FNSR, JBL, JDSU, KYC, LMT, MCRL, MSFT, MSP, OPLK, PWAV, RFMD, ROG,
RTN, SI, SMDI, STXN, T, TER, TLAB

New Lows: DT, INTC, TYC

Market oversold indicator: unchanged at 78% (80% is a red flag).

Winners YTD: 80% of stocks are showing a YTD gain - a red flag that the market is overbought.

Top 5:
Last week: American Technical Ceramics (32%), Micrel (15%), Atheros (12%), Sirenza (11%), Broadwing (11%)
YTD: Broadwing (64%), Sirenza (62%), Mindspeed (54%), Conexant (46%), Vitesse (45%)

Bottom 5
Last week: Comtech (-9%), Jabil (-8%), Xilinx (-7%), Motorola(-7%), JDSU (-7%)
YTD: HEI (-34%), Intel (-17%), Juniper (-17%), Tyco (-14%), Endwave (-13%)



By Sectors

Last Week

YTD

Space & Defense:

+ 2%

+ 6%

Communications Services:

+ 1%

+ 7%

Network Systems:

- 1%

+ 1%

RF Semiconductors:

- 1%

+ 13%

RF Components:

+ 2%

+ 10%

F/O Components:

+ 2%

+ 20%

Miscell. Mw related:

- 2%

+ 5%

RF to Light 100:

0%

+ 8%

The RF to Light 100 is a weekly newsletter available by email from its publisher, Gunter Vorlop, at gvorlop@direcway.com. Views and data expressed herein are solely his and not of Mr. Vorlop's employer, Presidio Components Inc. nor those of Microwave Journal.