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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders
LRCX 148.74+3.8%3:59 PM EST
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To: FJB who wrote (3908)1/22/2000 10:25:00 AM
From: Proud_Infidel  Read Replies (1) of 5867
 
Goldman's Gunnar Miller on Semiconductor Industry: Comment


New York, Jan. 21 (Bloomberg) -- Gunnar Miller, an analyst at
Goldman Sachs & Co., spoke about the semiconductor industry on
financial news network CNBC. Some stocks Miller said his company
recommends include Lam Research Corp. and MKS Instruments Inc.

``What we've really seen is a recovery from a period of
underspending in 1998. Late 1998 was the absolute trough, and 1999
began a recovery in the industry.'

``Undercapacity in the industry is really resulting in rather
strong orders for most of the U.S.-based semiconductor-equipment
companies as semiconductor companies ramp up their production to
meet demand.'

``We've studied past cycles repeatedly and it looks as though
most up cycles tend to last for two to three years. If you view
this with a baseball analogy, we are probably into the third or
fourth inning of the current up cycle.'

``One thing that we are always aware of is that the
semiconductor-equipment business and semiconductor capital
spending is likely to remain very cyclical. However, all of our
indicators still seem to point toward continued group
undercapacity for at least the remainder of the year 2000.'

``I think what investors have to realize about semiconductor-
equipment stocks, is that this is the business of selling hundreds
of units with million-dollar price tags, as opposed to selling
millions of units of something for tens or hundreds of dollars
like the (personal computer) microprocessor business.'

``These companies can report big bottom-line surprises on
relatively modest upside surprises. We think that trend can
continue for at least the next several quarters.'
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