Applied Materials CFO sees no positive sign of recovery
NEW YORK, March 21 (Reuters) - The chief financial officer
of top semiconductor equipment maker Applied Materials Inc.
on Wednesday said he sees no immediate signs of a
recovery in the hard-hit sector.
"I have very low expectations," Applied Materials Chief
Financial Officer Joseph Bronson said in remarks at the
SEMIvest conference in New York.
Bronson's prognosis for the sector -- battered by order
cancellations as the chip makers they supply scale back
production and expansion plans -- was worse than investors had
believed, Merrill Lynch analyst Brett Hodess said.
"He's saying they just don't have the visibility," Hodess
said.
Asked during his presentation if he believed he had seen
the end of month-to-month drops in bookings, Bronson said,
"No."
"There isn't any positive sign that I can see out there,"
Bronson said.
Applied Materials shares rose $2-3/16, or more than 4
percent, to $45 in early-afternoon trading on Nasdaq.
Semiconductor-related stocks generally were enjoying a strong
day, with the Philadelphia Stock Exchange's semiconductor index
<.SOXX> climbing more than 4.5 percent.
REUTERS
Rtr 13:04 03-21-01 |
