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Technology Stocks : sgs-thomson
STM 27.87-3.2%3:59 PM EST
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To: Mephisto who wrote (23)10/20/1996 7:59:00 PM
From: Scott D.   of 74
 
I think it is business as usual at STM.

SGS-Thomson: EPS Preview; Stock Target Raised on Relative Valuation Basis 11:04am EDT 16-Oct-96 Lehman Brothers (M. A. Gumport, CFA 1(212)526-5368) STM

BUT WE WOULD EMPHASIZE THAT NEWS TONIGHT IS LIKELY TO BE MIXED.
In addition to soft near term EPS prospects, recent merger
activity within France seems to increase the likelihood of a
substantial block of STM stock finding its way to market.
So we are cautious on prospects for immediate appreciation
until news of an orders upturn is better established. But
first signs of that orders upturn have become visible
within the industry during the last few weeks
(microprocessor sales strength, renewed DRAM volume demand,
reported book-to-bill ratios up), and we are confident that,
given ongoing economic growth, chip demand will become much
stronger within the next 3-6 months. Notably, worldwide
IC unit volume in August was 7% below last year, a very
unusual situation.
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