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Politics : Formerly About Applied Materials

AMAT 228.68

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3:59 PM EST

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To: stockycd who wrote (21494)	7/10/1998 10:04:00 PM
From: Jacob Snyder	Read Replies (5) of 70976

Remember the last conference call, where they used the phrase that gave everyone false hope: "We are now trolling the bottom". I don't think they were being deliberately untruthful. I thought they had good visibility 2 quarters out, but I guess not. On monday, we see if the long-term value investors are able to hold the line at 26. Rather than BB's naval analogy, I think WW1 trench warfare would be more accurate. The bulls have a set of defensive fortifications at 26, which they established late last year. From those strong positions, they've made a series of feints and sorties, out as far as 40, but never with enough strength to hold the ground beyond 26. Now they've been pushed back again to their last and strongest defence line. If it is broken, the enemy will advance deep into previously safe territory. At the next conference call, I hope someone has the courage to ask if we're now trolling the bottom.

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