Semi-Equips - Buy when BLOOD is running in the streets! Message Board

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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets!

LRCX 158.70

+1.0%

Dec 5 9:30 AM EST

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To: Sam Citron who wrote (2746)	10/17/1997 4:50:00 PM
From: Joel R. Phillips	of 10921

Sam, >>The market is not very sophisticated in its analysis of such data. ROTFL. Is the market ever very sophisticated, short term? The semi equip report is being blamed for the recent carnage, which is silly. But Cary is right, selling is rarely silly. So I think, what is really happening is a re-adjustment of risk perception. Multiples and valuations are being adjusted downwards. Likely the process is not over yet, and we will overshoot on the down side. Similarly in a panic the market may take time to differentiate between industry players and sectors. For now, test appears to have strong bookings and we can expect increasing earnings momentum. Players at reasonable valuations can be expected to appreciate nicely from here. Bloated stocks will be a wash. The BTB report is just an excuse to correct valuations which are overly optimistic. If the BTB wasn't around we would pick on Intel capital spending (whether it is going up or down really doesn't matter), Intel earnings, LSI earnings, whatever. --joel

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