Lam Research (LRCX, NASDAQ): To the Insiders Message Board

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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders

LRCX 155.86

-0.1%

1:38 PM EST

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To: BWAC who wrote (4829)	8/29/2002 12:07:52 PM
From: Proud_Infidel	Read Replies (1) of 5867

RESEARCH ALERT-UBS cuts 4 chip equipment stocks Thursday August 29, 12:00 pm ET NEW YORK, Aug 29 (Reuters) - UBS Warburg on Thursday said it cut the ratings on four chip equipment makers, saying the worldwide economic slowdown may linger longer than expected and take a bite out of holiday demand for electronic gadgets. "It's all about the economy," analyst Byron Walker wrote in a research note. "emiconductor production equipment order momentum has gone from slowing to declining. The recovery in the economy remains lackluster. While we had not counted on corporate IT (information technology) spending in the fourth quarter, it now appears that the U.S. consumer will disappoint." The analyst reduced Novellus Systems Inc.(NasdaqNM:NVLS - News) and LogicVision Inc. (NasdaqNM:LGVN - News) to "buy" ratings from "strong buy" ratings. He cut Lam Research Corp. (NasdaqNM:LRCX - News) and Newport Corp. (NasdaqNM:NEWP - News) to "hold" ratings from "buy" ratings. Walker said he expects industry revenues to shrink by 20 percent to 25 percent in 2002, more than the 15 percent to 20 percent he previously predicted. He also scaled back his expectation of the pace of recovery in 2003, now looking for growth of 15 percent to 25 percent, down from the 30 percent to 35 percent of his prior outlook for 2003. Shares of Novellus closed at $24.18 on Wednesday, LogicVision at $2.59, Lam at $11.92 and Newport at $16.80.

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