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Technology Stocks : Semi Equipment Analysis

SOXX 309.36

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4:00 PM EST

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To: Return to Sender who wrote (15802)	6/18/2004 11:33:05 AM
From: Donald Wennerstrom	Read Replies (2) of 95520

RtS, I found it on the Wall Street City website. Here is another one: host.wallstreetcity.com <<INDUSTRY: Merrill Positive on Semis After May Book:Bill Ridgeland, MS, JUN 18, 2004 (EventX/Knobias.com via COMTEX) -- Merrill Lynch maintained their positive stance on the Semiconductor Equipment group after the preliminary May semiconductor capital equipment book-to-bill ratio came in at 1.11, down from a revised 1.13 in April. The recent data supports their view that capacity remains tight while companies are spending rationally to avoid over capacity. The firm believes the stocks have already priced in slower order growth for mid-summer but do not reflect order acceleration they expect to see in 2H04. They think the catalyst for the stocks will come from increasing conviction in 2H04 order growth. Based on the Book-to-Bill through May, Merrill estimates that orders are tracking 14% Q/Q for the June quarter so far, better than their 5-10% estimate range. They noted that the flat May after the strong April (up 15%) bookings is in-line with seasonal patterns and reflects the start of the transition from 200mm expansion to the 300mm fab build outs.>> Don

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