Applied Materials No-Politics Thread (AMAT) Message Board

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

AMAT 301.11

+6.9%

Jan 9 9:30 AM EST

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To: matt dillabough who wrote (11021)	7/28/2004 10:52:27 AM
From: Proud_Infidel	Read Replies (1) of 25522

UBS also coming out this morning with comments(negative) on the semis....and it sounds like JPM is now espousing the "Cary scenario": biz.yahoo.com Saying it was more conservative on the cycle forecast for the semiconductor capital equipment industry, J.P. Morgan lowered its 2005 capital spending growth rate forecast to 11 percent from 36 percent and cut earnings estimates. "We expect the cycle to be long but with a longer-than-expected period of sluggishness or a pause between waves," said analyst Jay Deahna. "Also, the upside magnitude we previously expected in 2005 peak EPS may be a little lower." He downgraded Applied Materials (NasdaqNM:AMAT - News) , Brooks Automation (NasdaqNM:BRKS - News) , Cymer (NasdaqNM:CYMI - News) and Varian Semiconductor (NasdaqNM:VSEA - News) but upgraded Mattson (NasdaqNM:MTSN - News) and Ultra Clean (NasdaqNM:UCTT - News) . UBS, meanwhile, downgraded the semiconductor and electronic manufacturing services sectors to "underweight" from "equal weight" may also have been pressuring the tech space. The firm said both sectors have heavy operating leverage to consumer spending and is concerned that a slowing of consumer debt growth will reduce demand for consumer discretionary products including consumer electronics.

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