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Technology Stocks : Semi Equipment Analysis

SOXX 316.33

+1.3%

Dec 10 4:00 PM EST

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To: Alastair McIntosh who wrote (3833)	7/3/2002 2:41:07 PM
From: Sarmad Y. Hermiz	of 95561

>> an extra 500k shares of AMAT trade is completely irrelevant to the price. AMAT trades over 32,000,000 Alastair, In response to your post, I did a little digging. Well, your point seems straight forward enough. But lets examine it more closely. At the 32m sh/day rate, one would think all the shares of AMAT turn over every couple months or so. But in fact they do not. I have read that a single trading firm accounts for 10% of NYSE volume EACH DAY. And they do not keep any shares overnight. Surely, if they weren't recycling the shares, the market would run out of shares in a month or two. Possibly my notion is wrong. I think the answer is in the mutual fund holding statements. The change in institutional ownership in Y02Q1 was 88 m shares. So that is approx 1.5 m shares per day that are truly changing hands. So the main source of the weakness in AMAT's price has to be mostly somewhere else. But the 500k insider shares just add insult to injury.

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