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Technology Stocks : Applied Materials No-Politics Thread (AMAT)
AMAT 225.18-1.5%Nov 18 3:59 PM EST
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To: Gottfried who wrote (2526)8/19/2002 9:45:44 AM
From: Proud_Infidel  Read Replies (2) of 25522
 
Wasn't it the BoA analyst touting this sector not two weeks ago? I am not exactly sure, but I seem to recall something of the sort.

Banc Of America Cuts '03 Semiconductor Cap Spending View
By Donna Fuscaldo, Of DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- Banc Of America Securities reduced its semiconductor capital spending estimate for 2003, mainly because personal-computer chip makers are unlikely to increase spending next year and because memory chip makers will likely continue to invest in equipment at very low levels.

In a research report issued Monday, analyst Mark FitzGerald said Intel Corp. (NasdaqNM:INTC - News) , one of the largest purchasers of chip equipment, will scale back its capital spending budget in 2003 to $4 billion from the $5 billion to $5.3 billion range in 2002.

The analyst is now calling for total spending in 2003 to increase 7.1% year over year to $28.8 billion, which is lower than his previous estimate for 10% to 20% growth. "If we are correct," wrote the analyst, "then the recovery will be the most protracted and modest recovery in the industry's history."

While FitzGerald said the semiconductor equipment stocks could rally from their recent lows because valuations are "reasonable," he said that those rallies will eventually stall because of the lack of earnings power.
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