Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 322.34

+1.1%

Jan 23 9:30 AM EST

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To: Teri Skogerboe who wrote (4964)	5/29/1997 4:24:00 PM
From: Joe Donato	of 70976

More from Merril Lynch Research (it should be said that they are maintaining their accumulate reccomendation): "The April semiconductor equipment book to bill was 1.13, the second consecutive strong showing and included strong bookings growth for the second month in a row and strong shipment growth for the first time in many months. However, our first quarter sampling of capital spending from the financial filings of a number of American semiconductor companies indicated that these companies' spending declined 19% sequentially in the first quarter of 1997. This result, while it may suggest a near term rebound in the investment levels of American semiconductor spending also highlights some risk in overall bookings levels for the rest of the year. This is because it is not readily apparent why this sample of American semiconductor spending showed substantial decline while the equipment industry in the first quarter actually saw shipments grow." Why then should the confidence be so high for the rest of 1997? Is a 34x multiple factoring in enough risk?

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