Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 226.05

+1.3%

Nov 14 9:30 AM EST

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To: Sam Citron who wrote (43494)	3/11/2001 7:12:27 PM
From: Cary Salsberg	Read Replies (1) of 70976

The 95-96 slump came after 3 very strong years for the industry. I believe it was the last industry specific downturn we have had. AMAT was the largest then, but there were questions about the quality of its technology. AMAT was thought of as being behind LRCX in etch technology and NVLS in CVD technology. AMAT did not have CMP, which it dominates, and metrology then and was just beginning to roll out RTP, which it dominates. INTC was perceived as a dominant technology growth company while AMAT a large cyclical. I don't use PSR for bottom valuations because sales and orders are big unknowns then. Book and Cash are known and relatively stable (book flat to down reflecting brakeven or loss; cash up as AR and inventory go down).

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