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Technology Stocks : Semi Equipment Analysis

SOXX 301.15

-1.2%

Dec 31 4:00 PM EST

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To: Sarmad Y. Hermiz who wrote (18010)	8/11/2004 10:36:19 PM
From: BWAC	Read Replies (1) of 95657

<Corporations have $550 b on their balance sheets. And valuations are low in terms of earnings yield. Yet companies prefer to earn 2% on their cash balance, instead of buying one of their competitors for a return of 7%, 8%, or even 12%.> Long been wondering the same thing. There are several semiconductor companies that need to go away, some that are outright steals, some that just simply need to go away as stand alone entities. Only answer I can come up with is that BOD's are not wanting to sell the targeted companies. And buyers are reluctant to go hostile. I'd think just about my whole watch list would be potential targets given the levels of cash at the larger capitalization companies and the low debt/high cash balances of these smaller companies. But either no one is biting, or the overtures being made are flatly rejected and not getting even close to being public. (When is the last time on SI you even caught wind of a good takeover rumor?) LSI looks ripe. BRKS could go. OVTI could be had for nothing. Just about any of the smaller semi-equip related companies. VTSS, AMCC, CIEN, PMCS, TQNT, RFMD need to go away. Its just not happening though for some reason.

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