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Politics : Ask Michael Burke

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To: James H Ramsay who wrote (228)	8/1/1996 4:13:00 PM
From: davesd	of 132070

James, not sure if you saw the Dow Jones news release on LRCX. The CEO said that he expects the downturn to last 4 more quarters if I'm not mistaken. That's a long time!! They also announced a 10% layoff, approximately 500 people, I think this is only the first layoff with more to come as their backlog shrinks. Their PE looks great at 4, but it's based on 1995/96 which was the best year they have ever had. I think the PE for 1997 is going to be much higher than 4. For two years out..I think it's a good price but I also think you will get an opportinuity to average down in those two years. Good luck dave

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