PMC-Sierra (PMCS) - moderated Message Board

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Technology Stocks : PMC-Sierra (PMCS) - moderated

PMCS 11.65

0.0%

Jan 25 4:00 PM EST

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To: Kayaker who wrote (82)	11/9/2000 10:26:39 AM
From: SJS	of 469

Popular piece, huh? Seems to be everywhere....LOL. Here's something new. From CSFB on the AEA conference... ___________ Semiconductor Industry AEA Conference · We attended the annual American Electronics Association conference the first part of this week in San Diego. Though the newly implemented "FD" rules did have a slight dampening affect on the incremental news flow, the intimate setting of the conference always offers some good exposure to management teams. · Similar to the prevailing themes throughout the just finished September quarter reporting season, the overall tone of most of the device makers we visited was one of long-term optimism, tempered with a touch of near-term caution over PC and handset demand and inventory in the channel. · Most management teams did seem to have a heightened sense of sensitivity concerning all of the above topics, though most seemed to reaffirm guidance for at least the December quarter. · Though the stocks have obviously corrected over the last five months and already priced in much of the negative sentiment we speak of above, we believe that they will likely remain in a trading range until we see a reacceleration in fundamental end-market demand. We believe this trading range is predicated on two conflicting themes: (1) our stocks do not outperform in times of confusion nor in an environment where earnings estimates are not perceived to be increasing any more in the near-term; and (2) in speaking with many clients, we believe that there are a large number of funds with a large amount of money on the sidelines which needs to be put to use to redeem some of the under-performance experienced throughout the year. Steve

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