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Technology Stocks : Semi Equipment-Sell when they're singing in the streets

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To: Dr. Mitchell R. White who wrote (107)	5/9/2000 11:05:00 PM
From: Q.	Read Replies (1) of 276

Headline: Novellus CEO 'Very Comfortable' With 2nd-Quarter Earnings Estimate ================================================================ NEW YORK -(Dow Jones)- Novellus Systems Inc. Chief Executive Richard Hill is "very comfortable" with an analyst's estimate that sees the company posting net income of 50 cents a share in the current quarter, which runs through June. Hill reacted to the second-quarter estimate of analyst Eric Chen after Hill spoke at the Chase H&Q technology conference Tuesday in San Francisco. The mean estimate of analysts surveyed by First Call/Thomson Financial is for the semiconductor-equipment maker to earn 51 cents a share. In his presentation, Hill said the San Jose, Calif.-based maker of thin-film deposition equipment used by semiconductor makers expects to gain a 40% share of that market by 2004. He added Novellus (NVLS) should have 2000 revenue of $1.3 billion to $1.4 billion, compared with $592.7 million last year. Investors have questions about when there will be a downturn in the semiconductor-equipment industry, which has been highly cyclical. But Hill said Internet-related uses of chips are driving demand, reducing the industry's reliance on computer-related sales. Hill added companies like Novellus will also benefit from demand for new technologies, including equipment that can process 300-millimeter silicon wafers. Demand for 300-mm wafer equipment should increase "aggressively" by the end of the year, he said.

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