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Technology Stocks : Semi Equipment Analysis

SOXX 314.52

-0.6%

Dec 11 4:00 PM EST

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To: Return to Sender who wrote (12625)	11/24/2003 12:00:59 PM
From: Sam Citron	of 95573

10:25AM Semiconductor survey supports thesis that recovery well under way -- SG Cowen : SG Cowen comments that the 2003 SG Cowen and E.B.N. Semiconductor Purchasing Survey of semiconductor purchasing managers supports firm's thesis that the cyclical recovery is well under way, driven by improving business across all end-markets. This will likely be boosted by restocking of historically low inventory levels as end-demand and lead times stretch. The survey suggests that business is improving, supporting thesis that a cyclical recovery began in late 2002, and should produce growth of 14% in 2003 and 20-25% in 2004. Total inventory levels remain at historical lows -- a 20-year low of 8.3% of sales vs. the 20-year trend-line of 11.5%. The survey suggests that sustainable semiconductor inventory levels are 5% of revenue or more, yet firm's recent inventory report estimates that the current level is 2%, below the 20-year trend-line of 3%. www.briefing.com

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