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Technology Stocks : Novellus
NVLS 2.400+2.1%Jul 24 5:00 PM EST
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To: etchmeister who wrote (3701)5/30/2008 11:51:27 PM
From: Pam   of 3813
 
one thing though I like to figure out is why Goldman sachs was listed as one of the TOP INSTITUTIONAL HOLDERS of NVLS a quarter ago or so - do you think sell side accumulates slowly just to accelerate panic dump - that's what it looks to me.
Covello is asking the same question over and over again - he seems incapable to draw his own independent conclusion

I do not know why and for how long they had a large holding in NVLS but these people could be long and selling covered calls and even simultaneously shorting the stock to make money trading the stock. There are rules they have to follow but it is easy to get around them too.

I have an exactly opposite opinion of James Covello compared to yours. I think he is smart analyst, talks fast and asks direct questions.

Based on your experience, how many quarters do you think the customers would need to see an up tick in profitability before they would start to order again? Would it be, right away would it be one quarter, two quarters, what has history told us about that?

I think this was a pretty good question to LRCX's management and he is trying to see if management would give away any useful information answering this question. It all depends on how the management answers the question. He was trying to gauge if they are already seeing a resumption of orders a quarter or two out. Sometimes management inadvertently give out useful information and analysts can figure out the rest of the story. Asking the same question to other company helps them figure out if they are all seeing similar conditions out there in the marketplace! It is all in the body language of how the management answer these simple, stupid looking questions.
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