Smith Barney again.
Smith Barney Citigroup JagNotes.com
<<3 June 2004, 08:49am ET
Semiconductor Industry: Yesterday was the first day of Smith Barney`s semiconductor conference. Presenting companies in our coverage universe included: Lam Research (LRCX), KLA-Tencor (KLAC), Novellus (NVLS), Credence Systems (CMOS), LTX Corp (LTXX), and DuPont Photomasks (DPMI) as well as many other equipment companies not currently under coverage. . - Tone generally upbeat, however, limited visibility. Additionally, most big OEMs indicating incrementally better tone for September Q orders and slightly better wafer start trends from key customers in Asia. That said, many starting to talk about lower capital intensity levels at peak of the cycle and trying to condition investors to not overreact to a forthcoming slowdown, and rather making the argument that it will allow for a more extended cycle. Interestingly, two large companies indicated that many customers are hedging themselves in the event the peak of the cycle is near.>> |
