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To: E. Graphs who wrote (13337)	6/30/1998 4:23:00 PM
From: Moonray	Read Replies (2) of 25814

Kurplops musings: Chips crumble on Kurlak comments Key analyst reiterates grim semiconductor stance CBS MarketWatch - Last Update: 03:27 PM June 30, 1998 NEW YORK (CBS.MW) -- Semiconductor stocks tumbled Tuesday afternoon after a closely watched analyst at Merrill Lynch gave the group the thumbs-down signal -- again. A profit warning from chipmaker General Semiconductor Inc. (SEM) sparked the latest in a series of negative comments from analyst Thomas Kurlak. See Tech Report. Kurlak downgraded General Semi shares to "neutral" from "accumulate" and lowered his 1998 earnings estimate to 75 cents a share from $1.12, citing weakening orders. The Philadelphia Semiconductor Index dropped 1.7 percent in afternoon trading while shares of General Semi fell 5/8 to 9 7/8. Kurlak also reiterated his negative stance on the semiconductor industry, saying he expects worldwide sales to fall as much as 10 percent from year-ago levels. Most industry observers are expecting flat sales for the year. Kurlak cited slowing demand in Europe for the revised forecast, saying that region faces the same slowdown experienced earlier this year in Asia and the U.S. Kurlak also expects semiconductor revenue to shrink as average selling prices decline 15 to 20 percent. Kurlak also issued a grim forecast for the Philadelphia Semiconductor Index, predicting it will fall below 200 by the end of the year. The index is currently hovering around 250. In another blow to the group, the World Semicondutor Trade Statistics organization said world wide chip sales declined 12.8 percent year-over-year. Sequentially, sales fell 3.9 percent. o~~~ O

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