Semi-Equips - Buy when BLOOD is running in the streets! Message Board

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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets!

LRCX 143.23

-2.9%

Nov 18 3:59 PM EST

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To: TimF who wrote (10216)	2/8/2002 11:46:47 AM
From: Terry D	of 10921

Robert Maire - Semiconductor Capital Equipment Industry Overview (Bear Stearns) We changed to a positive stance on the industry in early Nov. In reviewing the performance of the quarter, we note that all the cos. in the group reported in line or better than expected nos. Around two-thirds of the cos. indicated orders would be up sequentially. Approximately one-third of the cos. are still bouncing along the bottom but do not appear to be getting any worse. Overall, we believe visibility remains poor for the group, as no long term guidance has been given; we anticipate an “L” shaped bottom. We recommend the following large cap stocks to buy: Applied Materials (AMAT - Buy), KLA - Tencor (KLAC - Buy). We believe KLAC is the best technology driver play. In terms of small caps, we recommend the following: Credence Systems, (CMOS - Buy), cheap at 1x to 3x book value; Cymer (CYMI - Attractive), which we believe is probably overbought following its good but not great quarterly results; Dupont Photomasks 9DPMI - Attractive) is attractive at 2x book value; and Varian Semiconductor (VSEA - Buy) is attractive at current pricing.

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