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Politics : Formerly About Applied Materials

AMAT 327.03

+2.5%

Jan 16 3:59 PM EST

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To: Scott Brooks who wrote (20683)	6/23/1998 2:43:00 PM
From: Proud_Infidel	Read Replies (1) of 70976

Personal computer, chip industries improving By Binti T. Harvey, CBS MarketWatch Last Update:01:40 PM June 23, 1998 NEW YORK (CBS.MW) -- Persial computer hardware and semiconductor issues surged for the second consecutive day amid evidence of improving business conditions in the industry. "What we're seeing is a snap-back reaction to some recent positive developments in the PC industry," said Russell Crabs, head of equity research for SoundView Financial Group. According to Crabs, chip making giant Intel (INTC) is currently experiencing shortages for certain components amid increased orders from computer manufacturers. Intel shares have been crushed recently under anxiety about overcapacity and pricing pressure. Crabs said PC vendors like Compaq (CPQ), Hewlett-Packard (HWP) and IBM (IBM) are resuming normal order patterns as their inventories return to manageable levels. However, Crabs warns investors to keep in mind that June-quarter earnings for the sector are expected to be largely disappointing. He also feels that outlooks for the third quarter may still be too optimistic. And gyrating currency markets in the Far East may still hurt some companies. "It's hard to say these stocks are cheap on a day like today, when the Dow is up 75 points. Obviously, the time to buy was last week," Crabs said. "I think we're going to continue to see some choppiness through the end of the year, but technology is still a buy."

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