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

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To: Pink Minion who wrote (168)	6/7/2000 10:25:00 AM
From: Pink Minion	Read Replies (2) of 276

Should Investors Be Alarmed by Rising Semiconductor Inventories? By Herb Greenberg Senior Columnist 6/7/00 6:29 AM ET Wednesday wallop: Semicircle: Tuesday's Hotline included an item noting that semiconductor inventories have been rising. That sparked questions: Which inventories? When? Over what time? (It was manufacturing inventories over the past three months.) It also prompted a very senior Wall Street tech analyst who agreed to talk only on background (his employer wouldn't be pleased to see his name here) to share his insights. He added up days of inventories at the top seven North American contract manufacturers and calculated that they climbed to 55 days in March of this year from 49 days in December and 43 days in March 1999. Why the rise? Each company, he muses, has a different explanation, but the gist of it is that they've accelerated their purchases to deal with component shortages. In light of dropping PC demand, that explanation doesn't wash with this analyst, who says, "It's surprising people aren't more concerned yet." The reason for rising inventories, the one the bulls are likely to scream to me in emails today (stop, please don't!), is that the contract manufacturers are now all shifting to making cell phones. Whatever.

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