Applied Materials No-Politics Thread (AMAT) Message Board

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Technology Stocks : Applied Materials No-Politics Thread (AMAT)

AMAT 301.11

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Jan 9 3:59 PM EST

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To: Proud_Infidel who wrote (11011)	7/27/2004 1:16:32 PM
From: matt dillabough	Read Replies (2) of 25522

11:53 Semis: Merrill Lynch thinks the semiconductor industry has over-anticipated demand in 3Q Merrill Lynch comments that inventories held by semiconductor companies have continued to increase, even as OEM and EMS firms have kept their own balance sheets in relatively better shape... firm's analysis of Q2 results reveals a more substantial problem than firm had expected.. for firm's universe of 30 companies, Merrill calculate that Q2 inventories rose to 77 days, up from 74 days in Q1 and 71 days in Q403; that's still well below the peak level of 105 days reported in Q101, but notes that days of inventory have risen for two quarters in a row after declining for 11 quarters previously... the increase in inventories is very definitely not seasonal, in firm's opinion, despite numerous claims to the contrary during this season's earnings calls; firm thinks that the semiconductor industry has over-anticipated demand in the third quarter... Briefing.com Note: The SOX is currently trading down 1.2% on the day

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