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To: Jerry Olson who wrote (1588)	9/9/2002 12:31:10 PM
From: Frederick Langford	of 1854

American Technology Research: 'Buy Defense, Reduce Electronics' Business Editors OLD GREENWICH, Conn.--(BUSINESS WIRE)--Sept. 9, 2002--American Technology Research, Inc. today initiated coverage on 27 stocks, including 'buys' on nine defense stocks given the current global political instability and historically low levels in defense and security spending. "Investors stand at a watershed, looking for positive fundamentals. Our answer is quit looking to Menlo Park and start at the Washington Beltway," wrote Rick Whittington, Director of Research for AmTech Research. "Ask the question: 'What is it the world wants?" The answer rings loud and clear: Greater Security and Cheaper Technology." With excess capacity and lack of visibility in the end markets for the semiconductor industry, Whittington today initiated coverage at 'hold' for 15 stocks in the sector. The stocks and ratings follow: -0- T Defense: Anteon BUY Alliant Techsystems BUY Rockwell-Collins BUY DRS Tech HOLD EDO HOLD General Dynamics BUY Integrated Defense HOLD L-3 Communications BUY Lockheed BUY Northrop Grumman BUY Raytheon BUY United Defense BUY Semiconductor: Analog Devices HOLD Applied Materials HOLD Advanced Micro HOLD Intel HOLD International Rectifier HOLD KLA-Tencor HOLD Linear Technology HOLD Micrel HOLD Micron Technology HOLD Maxim Integrated HOLD National Semi HOLD Novellus HOLD Semtech HOLD ST Micro HOLD Teradyne HOLD T Whittington has 23 years experience covering defense electronics and technology stocks as an equity analyst as well as a portfolio manager. He has been rated often as one of the top research analysts on Wall Street in both the Defense sector and the Semiconductor sector by Institutional Investor and the Greenwich Survey. Before joining AmTech Research, he had been in the research departments of various investment banks, including Banc of America, Soundview Technology Group, Prudential Securities and Kidder Peabody. Fred

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