Applied Materials No-Politics Thread (AMAT) Message Board

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

AMAT 226.05

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Nov 14 9:30 AM EST

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To: Gottfried who wrote (2707)	8/29/2002 8:19:58 AM
From: Proud_Infidel	Read Replies (1) of 25522

Another day, another downgrade.....at some point this downdraft several months in the making is already priced in! Before the Bell-Chip equipment stocks decline Thursday August 29, 8:16 am ET NEW YORK, Aug 29 (Reuters) - Chip equipment stocks declined in pre-open trading on Thursday after UBS Warburg downgraded shares of four companies in the sector, citing weak orders and the uneven economy. UBS Warburg cut its ratings on Novellus Systems Inc. (NasdaqNM:NVLS - News), Lam Research Corp. (NasdaqNM:LRCX - News), Newport Corp. (NasdaqNM:NEWP - News) and LogicVision Inc. (NasdaqNM:LGVN - News). "The recovery in the economy remains lackluster. While we had not counted on corporate IT spending in the fourth quarter, it now appears that the U.S. consumer will disappoint," UBS Warburg analyst Byron Walker wrote in a research note. "We are beginning to hear of order push-outs in Taiwan and elsewhere." Shares of Novellus traded at $23.20 on the Instinet electronic brokerage, down from a close of $24.81 on Wednesday. Shares of Lam Research slid to $11.50 from a close of $11.92. Newport Corp. shares had not yet traded but were indicated to open lower, according to Instinet. LogicVision shares were unchanged from Wednesday's close of $2.59. Coffee and doughnut chain operator Krispy Kreme said its second-quarter earnings rose nearly 50 percent, driven by new store and market openings, as well as higher same-store sales. Shares had not traded in the pre-open. The closed Wednesday at $36.36 on the New York Stock Exchange. Looking at the broader market, equity-index futures indicated stocks would open lower. The Standard & Poor's 500 September contract slid 2.50 points to 914.00 and the Nasdaq 100 contract declined 5 points to 941.00.

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