Text on IDTI in WSJ "Heard on the Street" for 3/12/96:
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The upshot: Analysts are steering clear of equipment makers such as Applied Materials, Novellus and LAM. And tech stock pickers say avoid all makers of memory known as DRAMs, which go into personal computers.
While these companies have already been hit, analysts say beware of
Micron Technology and Texas Instruments, the two major U.S. memory
chip makers.
Rick Whittington, of Soundview Financial Group, says that memory makers "can't seem to find ... a market-clearing price at which they can dump inventory," and he wouldn't buy a memory stock until the fundamentals start to improve, which he thinks could take many quarters.
Some analysts say makers of another type of computer memory known as
SRAM, some of whose stocks have already lost more than three-quarters
of their value, aren't likely to fall much further. And some SRAM companies, like Alliance Semiconductor and Integrated Device,
aren't as exposed to the PC business.
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