I don't have any "hard numbers" for you, but I believe the
answer, in general, is the "higher beta" of the 2nd and 3rd
tier stocks. In the down turn, the smaller stocks really
tank big time compared to the industry leaders. Then when
the large up turn comes the smaller stocks have a much
lower base from which to make the large percentage gains.
Shown below is an update of the group performance since 21
Sept thru today. ASYT and KLIC as you point out have beaten
out the bigger stocks. One other thing to note, however, is
that AMAT, KLAC, NVLS and TER, the 4 semi-equips in the SOX,
all have a higher percentage gain than the SOX. This means,
of course, that they were the "little engines that could",
lead the SOX to higher levels. I will try to post the SOX
data on the next post similar to the data below to show the
leaders.
9/21/01 1/9/02
CLOSE CLOSE PERCENT
SYMBOL PRICE PRICE CHANGE
SFAM 1.16 4.20 262
PRIA 10.11 25.22 149
WFR 1.74 4.10 136
MTSN 4.06 9.28 129
LTXX 10.85 24.11 122
KLIC 10.15 20.19 99
DPMI 26.44 51.55 95
ASML 10.09 19.52 93
CYMI 17.20 33.00 92
PLAB 19.05 34.97 84
VECO 21.81 39.12 79
PHTN 24.04 42.62 77
CMOS 11.48 20.30 77
BRKS 28.05 49.19 75
ASYT 9.58 16.66 74
KLAC 33.91 58.46 72
TER 20.10 34.65 72
HELX 15.31 26.00 70
COHU 13.40 22.07 65
AMAT 29.24 46.68 60
ATMI 17.29 27.39 58
LRCX 16.64 26.19 57
NVLS 28.55 44.42 56
SMTL 8.15 11.83 45
EGLS 12.76 16.91 33
NANO 16.20 21.40 32
UTEK 13.01 17.14 32
FSII 8.00 10.52 31
TGAL 1.35 1.68 24
TOTALS 439.72 759.37 73
SOX-X 381.01 584.27 53
COMPQX1423.19 2044.89 44 |
