Applied Materials No-Politics Thread (AMAT) Message Board

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Technology Stocks : Applied Materials No-Politics Thread (AMAT)

AMAT 322.32

-5.6%

Jan 30 9:30 AM EST

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To: Gottfried who wrote (2249)	8/10/2002 2:33:56 PM
From: RMP	Read Replies (2) of 25522

Fron the same article in Barrons- Comments on AMAT Applied Materials and other equipment makers have been under intense pressure as Wall Street rethinks its expectations for the semiconductor-equipment sector. Applied maintains that three concurrent technology trends will continue to drive sales of semiconductor manufacturing equipment: a shift to 300-millimeter silicon wafers from 200 millimeter wafers, a reduction in circuit line widths, and a switch to copper from aluminum for certain chip circuitry. While that's true, the timetable on adoption of those technologies is stretching out. Intel, AMD, UMC and TSMC all recently cut capital spending plans in the face of slower component demand. Weak PC and cellphone sales will hamper the chip recovery and push out a pick-up in the equipment business. And Applied remains pricey: The stock trades for 20 times expected earnings for the October 2003 fiscal year and 75 times current-year estimates. Moreover, we suspect profit projections may be too high. In other words, the stock may yet trade lower. We'd avoid it for now.

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