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Politics : Formerly About Applied Materials

AMAT 220.28

-6.4%

Nov 20 3:59 PM EST

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To: John E. Rylander who wrote (9513)	10/24/1997 7:45:00 PM
From: Brendan W	Read Replies (3) of 70976

If you want to look with a 1+ year horizon then why not also look back a year when AMAT was $13. People want to take solace in anticipating $2.50 next year earnings when the "big boys" are going to be asking Jim Morgan in the conference call what his Asian customers' new capex plans are (remember they're paying in yen, won, ringgit, renmimbi, and various other fruits and vegetables). A bad answer and we'll have another 20 percent down move. If you have the 5 year horizon, yes, paying $6 billion for AMAT is a good price.

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