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 9:30 AM EST

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To: Proud_Infidel who wrote (11023)	7/28/2004 12:20:05 PM
From: matt dillabough	Read Replies (1) of 25522

11:13 30% decline in SOX is pricing for a Semi recession that we don't see -- Wedbush Morgan Wedbush Morgan comments that since the peak of the SOX (-2.7%) index at 561 early in January 2004, there has been almost 30% drop to the current level of around $400. Normally a correction in a major uptrend is limited to 20% and the magnitude of the current one caused firm to re-examine its positive investment stance on the group. Firm says has never seen a major down cycle without semiconductors management actively participating in over spending on plant and equipment and over hiring. As far as corrections go, this one is deeper than normal which implies this is the wrong time to give up unless your reliable one-handed economist tells you so. Firm's top picks reflect it's preference for the winners of this cycle: Large cap -- Analog Devices (ADI -2.7%) and Maxim Integrated Products (MXIM -3.2%)... Medium cap -- PMC-Sierra (PMCS -2.9%) and Marvell Technology (MRVL -3.1%).... Small cap - Semtech (SMTC -1.4%)

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