Applied Materials No-Politics Thread (AMAT) Message Board

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

AMAT 236.10

+2.6%

9:34 AM EST

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To: BWAC who wrote (12136)	11/19/2004 8:56:00 AM
From: matt dillabough	Read Replies (2) of 25522

Goldman Sachs downgrades AMAT and AEIS, cuts Semi Equipment to Cautious from Neutral : Goldman Sachs downgrades the Semi Equipment industry to Cautious from Neutral, as they expect the stocks to make new cycle lows, driven by continued disappointing fundamentals over the next several qtrs as the semi equipment industry corrects for the excess manufacturing capacity that it built during the upturn. While the bulls are calling for a cyclical bottom in early 2005, firm's supply/demand framework points toward another several qtrs of deteriorating business conditions. Firm believes that as DRAM prices begin to decline in 2005 and more DRAM capacity comes online as the significant orders placed in 2H04 begin to ship, DRAM orders to the equipment co's will be the next area of fundamental weakness. Firm downgrades AMAT and AEIS to Underperform from In-Line.

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