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Prudential initiates Microsoft (NASDAQ:MSFT) with an Overweight and $34 target. They think that the company's investments in games and Internet based applications will pay off, margins will stay high, and that bookings and cash flow will grow at double digit growth rates.

Rochdale upgrades Cisco (NASDAQ:CSCO) to Hold based on valuation. The firm says they don't see a near-term catalyst to make them more positive, but they believe that most of the easy short money has been made.

Intel (NASDAQ:INTC) is trying to clear inventory but the surplus is likely to linger into 2007. There is excess stockpiles of PC microprocessors and core-logic chipsets causing surplus semiconductor inventories to rise more than expected in the second quarter, with INTC contributing much of the excess inventory, according to data from from iSuppli's Semiconductor Inventory Tracker service. The report noted that excess semiconductor stockpiles in the supply chain rose to $2 bln the second quarter, up 77.6% from $1.1 bln the first quarter, exceeding iSuppli's guidance of $1.3 bln of excess inventory

AMD (NYSE:AMD) increased its share of the x86 server processor market to 25.9%, a number confirmed by Mercury Research, who tracks market share figures. Intel now holds 72.9% of the overall mkt for x86 processors, while AMD has 21.6%.

IBM (NYSE:IBM) is expanding its use of Advanced Micro Devices chips, a boon to AMD as rival Intel steps up a counterattack.

Source: Rob Black's Tech Stock Report