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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets!
LRCX 154.03+1.4%9:46 AM EST
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To: Ian@SI who wrote (2312)7/7/1997 1:24:00 PM
From: WALLY THE SANDCRAB   of 10921
 
Hi Ian:

My specific reasons for selling vary by company. AMAT was a very big position, and had gotten oversized. With the company now being valued for 1999 earnings, a scaleback was in order. I believe the stock to be OVER priced now, not just fully valued. However, the half that remains will do so for a long time I expect. I would say pretty much the same thing wrt KLAC and NVLS. The positions in SVGI and LAM were never very big, but the recent runups in price seem to be on no news or fundamentals that I'm aware of. I don't trust management in either company, but for different reasons: Lam because of ineptitude (probably offset by Bagley's arrival), and SVGI because I think Papken and his cohorts are dishonest. Mattson got sold strictly because of the runup in price. My cost was around $9 and the position was huge. I reduced exposure with a religious conviction that this runup will be blown off, and I'll be back in below 11 or so as I said before. I think very highly of the company, its management, and its prospects, but the runup is not justified unless someone knows something very special. I'll be with Mattson a long time. My only guess regarding the recent increase centers around possible receipt of big orders from Taiwan (more recent than those we heard about last conference call). With the news from Taiwan that they're going to cover the entire island with fabs, it's likely that Mattson will see some of this spending.

Wally
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