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Technology Stocks : Semi Equipment Analysis

SOXX 312.18

-0.2%

Dec 9 4:00 PM EST

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To: James Calladine who started this subject	7/28/2002 9:01:43 AM
From: Julius Wong	Read Replies (3) of 95541

New York Times July 28, 2002 Trust Shattered, Wall Street Can't Afford Coincidences By GRETCHEN MORGENSON all Street analysts are definitely under the microscope these days. Which makes a sequence of events of last Thursday and Friday involving Goldman Sachs' semiconductor stock analyst very intriguing. Semiconductor stocks were crushed on Thursday when the Taiwan Semiconductor Manufacturing Company announced that it was sharply cutting its capital expenditures because of nonexistent demand for chips. Investors in chip stocks ran for the exits, correctly assuming that if such a big maker in Taiwan saw no demand, neither would the rest of the producers. Shares of big-name United States producers like Intel and Applied Materials sank on the news. The Philadelphia Stock Exchange Semiconductor Index — known affectionately as the Sox — tumbled. And the action took down the Nasdaq as well. Although the Sox closed down 10 percent on Thursday, the index had been far lower earlier in the day; it recovered on significant buying. One especially large trade in the afternoon came from Goldman Sachs: the purchase of 10,000 call options on an exchanged-traded fund — called Semiconductor HOLDRs Trust — that is a basket of large semiconductor stocks. The options are traded on the Chicago Board Options Exchange, and an order to buy 10,000 is unusually large. The open interest on these options — similar to the freely trading shares, or float, on a common stock — was around 1,400 before the order came in. ... ... ... ... nytimes.com

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