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Strategies & Market Trends : Galapagos Islands

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To: Jorj X Mckie who started this subject	11/22/2002 1:53:35 PM
From: tuck	Read Replies (2) of 57110

A snip from a CBS MArketWatch update today: >>Chip stocks (Philadelphia:^SOXX - News) , which have risen about 17 percent over the past couple of trading days, were marked down as investors focused on a weak book-to-bill ratio. Applied Materials erased 1.8 percent and Novellus Systems 2.9 percent. Late Thursday, industry tracker Semiconductor Equipment and Materials International (SEMI) reported that North American-based manufacturers of semiconductor equipment posted an October book-to-bill ratio of 0.73 -- the sixth straight month of declines. And orders fell for a fourth consecutive month. SEMI said that broader-based capacity expansion remains on hold and that the trend is likely to continue into 2003 until chip manufacturers have stronger signals on the outlook for demand. Banc of America Securities points out that the book-to-bill ratio is a lagging indicator and that a better gauge for an eventual turn in chip stocks is a recovery in the end markets.<< Would book-to-bill be less of a lagging indicator for the semiconductor equipment companies? Certainly if the sector capacity expansion is indeed on hold, that cannot be helping them. TIA & Cheers, Tuck

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