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Politics : Formerly About Applied Materials
AMAT 281.58-3.6%Jan 8 3:59 PM EST
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To: Cary Salsberg who wrote (50582)8/15/2001 2:00:06 PM
From: cluka  Read Replies (1) of 70976
 
From ML

Applied Materials (AMAT; $44.84; C-1-1-9)
Lowering Oct01E from $1.10 to $1.08 Lowering 02E from $1.80 to $0.70
(Bulletin Available)
Finding the Order Bottom
 3Q results were above expectations with EPS of $0.05 vs. consensus of $0.03 and
revenues of $1.3 billion vs. our estimate of $1.2 billion.
 Net new orders in-line: reported gross new orders were a steady $1.21 billion. We
estimate net new orders (less adjustments) were $930 million. When currency effects are
removed, Net orders were in-line with our $1-1.1 billion projection. Book to bill was
0.9.
 Bookings bottom found: the outlook is for flat gross bookings next quarter with
sequential improvement possible in CY02. The demand for advanced technology
appears to have created a stable baseline of business.
 SAB 101 will potentially mask FQ4 issues: AMAT should switch to, and benefit from,
SAB 101 reporting in FQ4 (Oct).
 Reducing estimates due to the softer net orders and change to SAB 101, which pushes
out revenue recognition, we are reducing F02 estimates to $0.70 from $1.80.
 Maintain BUY/BUY rating: We believe bookings will remain the driving force behind
the stock and are encouraged by the mounting evidence of an order bottom. We
maintain our $62 intermediate price objective.
(B. Hodess)
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