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Technology Stocks : Novellus
NVLS 2.400+2.1%Jul 24 5:00 PM EST
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To: Steve Fancy who wrote (1450)4/29/1998 4:41:00 PM
From: Todd D. Wiener   of 3813
 
Steve-

The market has been using strength to sell the chip-equips. The fundamental situation is degrading now. Business probably won't get better for at least 3 or 4 quarters. At some point, the stocks might revisit 1998 lows, after which all sellers will have cast their vote, and the leading companies (NVLS, AMAT, KLAC, KLIC, COHU, TER, etc.) will have a tremendous rally. But I don't see this happening for at least 6 months. Therefore, I believe the market understands (only slightly, though) that the downside risk is greater in the near term than the upside potential.

Todd
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