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Technology Stocks : Semi Equipment Analysis

SOXX 299.81

+2.7%

Dec 19 4:00 PM EST

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To: Return to Sender who wrote (43425)	2/18/2009 11:51:37 AM
From: Donald Wennerstrom	3 Recommendations Read Replies (1) of 95616

Applied Materials sees no new factories in '09 Wed Feb 18, 2009 11:20am EST * sees no new factories this year * says has enough cash for acquisitions, tech investment * says committed to supporting its dividend * Shares up 1.4 percent to $8.73 NEW YORK, Feb 18 (Reuters) - Applied Materials (AMAT.O) does not expect any new chip factories or announcements of new factories for the rest of this year due to the worst downturn in the semiconductor industry, according to the chief executive of the maker of equipment used in semiconductor manufacturing. Mike Splinter told an analyst meeting in New York that the company was doing its best to cut costs and conserve its cash in order to be ready when the market recovers. "This is the worst downturn in the history of the semiconductor equipment industry and the financial downturn has affected other parts of our business," said Splinter. "Everybody's being affected by this downturn. It's tough." But Applied Materials said that even in the downturn the company was still committed to supporting its dividend and said the company also favors using excess cash for share buybacks. The company said it had enough cash to be able to make acquisitions or invest in new technologies if needed. The company said on Feb. 10 that it ended its first fiscal quarter of 2009 with $1.4 billion of cash and cash equivalents and $551 million of short term investments. "Having this cash on the balance sheet allows us to stay in control of our own destiny," he said. Shares of Applied Materials were up 12 cents, or 1.4 percent, to $8.73 in late morning trading on Nasdaq. reuters.com

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