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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 687.57+0.7%Dec 10 4:00 PM EST
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To: Johnny Canuck who wrote (34450)9/25/2001 12:37:53 AM
From: Johnny Canuck  Read Replies (1) of 68918
 
Merrill on Semiconductors : Recent events have raised doubts about the shape of anyrecovery in the semiconductor business during late 2001 or 2002; with the risk of a further demand slowdown looming, firm believes the bottom it identified a month ago nowappears to be both longer and rockier than we previously expected; at the same time, firm says the semiconductor business cycle isclearly bottoming, with inventories declining and new capacity additionsshrinking rapidly; says it has little sense of what is going to happen over the next fewmonths, and hesitates to make recommendations on that basis; believes owning quality companies over the next twelve months still makes sense; singles out ANAD, RFMD, MXIM, TXN and LLTC.


Applied Materials (AMAT) 29.34 +0.10: Needham & Co reiterates STRONG BUY rating and price target of $50; believes continued weakness in fundamentals is likely through the remainder of 2001 and that capital spending in 2002 could decline an additional 5%; at current levels, brokerage believes shares are close to fully discounting the impact the recent attacks are likely to have on end demand and semiconductor manufacturing needs; brokerage also continues to remind investors that when fundamentals are at their worst, large cap equipment stocks tend to offer the highest upside.
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