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Technology Stocks : Semi Equipment Analysis

SOXX 305.47

+3.1%

Nov 5 4:00 PM EST

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To: Donald Wennerstrom who wrote (1336)	12/4/2001 9:02:43 AM
From: Return to Sender	Read Replies (2) of 95367

7:28AM UBSW on Semi Capital Equipment : UBS Warburg believes the semiconductor cycle has turned, as bookings and revenues should bottom in Dec and Feb, respectively. Firm believes that the best leading indicator for cap spending is YoY change in IC revs, where comps have stopped getting worse and should turn positive in Q2 2002 (following positive bookings in Q1). While valuations never dropped enough to make a "valuation call" to buy the group, the reasons above constitute a "fundamental call" to buy. Firm upgrades many of the stocks in the group (see Upgrades/Downgrades), and particularly likes NVLS, VSEA, ESIO, while AMAT and KLAC appear too expensive. finance.yahoo.com I'm not sure why AMAT is viewed as expensive by USB Warburg relative to its peers when its PEG is among the lowest of the group. Disclosure - Currently long on AMAT. RtS

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