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Technology Stocks : Semi Equipment Analysis

SOXX 296.26

-3.9%

Nov 4 4:00 PM EST

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To: Donald Wennerstrom who wrote (15508)	6/2/2004 12:56:47 PM
From: BMcV	Read Replies (2) of 95358

It's an odd comment in the context of the rest of the statement. I took it to mean "cancellations", which seems to be the market's interpretation too. But that seems at odds with what they say next, that visibility is "excellent" into Q3 and "improving" into Q4. It's important to note that the "backlog volatility" applies to the second quarter. It doesn't mean backlog was up then went down, since they say that it is up 5% to 30% across different lines. On rereading the release I am starting to wonder if they meant that they are concerned there is some double-ordering going on. They said on the CC that they track historical end demand of their products to get an idea if double-ordering is starting--maybe they feel 30% increase in backlog reflects some orders that will never be filled? So, the short answer to your question is, I haven't a clue what they're talking about... ...though I wonder why the market is so sure it has heard correctly?

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