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Technology Stocks : Semi Equipment Analysis

SOXX 303.84

+1.3%

Dec 22 4:00 PM EST

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To: Donald Wennerstrom who wrote (15256)	5/19/2004 12:50:03 PM
From: Donald Wennerstrom	Read Replies (1) of 95622

Here is the news item on UBS downgrade. <<10:42 ET NEW YORK (CBS.MW) -- The PHLX Semiconductor Index rallied 3.7 percent Wednesday morning on the back of better-than-expected earnings and a positive outlook from Applied Materials , but UBS was recommending caution in the semiconductor production equipment group. Analyst Byron Walker downgraded Applied Materials, ATMI , Novellus Systems , Veeco Instruments and Varian Semiconductor to "neutral" from "buy." Although he said near-term fundamentals remain positive and believes the current cycle is sustainable through at least 2004, Walker warned that both order and earnings momentum were slowing for the group. "If SPE orders peak during 1H 05 (as we currently expect), the SPE stocks will likely have peaked in 2004 given that the stocks always peak ahead of orders," Walker said.>>

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