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Technology Stocks : MEMC INT'L. (WFR -NYSE) The Sleeping Giant?
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To: Mephisto who wrote (723)9/4/1996 9:48:00 AM
From: Robert Mayo   of 4697
 
Mephisto, the book-to-bill numbers have their flaws. The most obvious is that they don't account for the semiconductor market outside the US as you accurately point out. Despite this, they've been a pretty good indicator for the health semiconductor stocks, other than Intel of course. Unfortunately, over the past four months or so, they've also been a pretty good indicator for the health of MEMC's stock, despite the fact that the company has posted record sales and earnings.

Still, wafer demand seems to remain strong even though the price of DRAM, SRAM and other semiconductor products continues to slide. If the chip companies want to stay in business, they have to figure out how to maintain their margins in the face of lower prices. In other words, they have to modernize all the time. I suspect that the slow down in fab construction is temporary and that MEMC will continue to find ready markets for its products.

Bob M.
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