Applied Materials No-Politics Thread (AMAT) Message Board

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

AMAT 328.51

+1.9%

Feb 2 3:59 PM EST

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To: Gottfried who wrote (2504)	8/18/2002 7:57:34 AM
From: Fred Levine	Read Replies (1) of 25522

From Merrill Lynch 8/14: Applied Materials (AMAT; $13.58; C-2-1-9) 3Q Upside, but Outlook Weakens Volatility risk: Above Average Raising Oct02E from $0.17 to $0.19 Lowering 03E from $0.50 to $0.45 (Comment Available) • EPS Upside: 3Q EPS from operations was $0.07 versus $0.03 in 2Q and $0.08 in the year ago quarter. Results were slightly ahead of our (consensus) $0.05 estimate. • ORDERS LIGHT: Net orders rose 5% sequentially to $1.78 billion, below our 15% growth ($1.95 billion) estimate. Net orders (less adjustments) were $1.58 billion, a decline from last quarter's $1.65 billion. • 4Q Order Outlook - Down 5-15%: Despite an order shortfall in the third quarter, the company is expecting an additional 5-15% decline in orders in the October quarter. We had been estimating 10-20% off a higher base. • Taiwan drop accounted for much of the orders shortfall: Taiwan accounted for 18% of new orders ($320 mil) vs. 39% ($660) in F2Q. • Technology orders dominate. 0.15 and below micron orders were 82% up from 70% Q/Q. • Adjusting Estimates: We are increasing our FY2002 estimate to $0.19 from $0.17 and reducing our FY2003 to $0.45 from $0.50. • Maintain BUY Rating: Although the business environment remains choppy we believe the risk reward for investors with a 12 month time horizon is attractive at current stock levels. (B. Hodess) fred •

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