Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 318.63

-3.0%

3:59 PM EST

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To: Katherine Derbyshire who wrote (24334)	9/16/1998 2:57:00 PM
From: Math Junkie	Read Replies (1) of 70976

The plaintiffs allege that Cymer was slow to admit that they were having quality problems, and if that's true, then I can see how they might have a case for the early part of the downturn, but when I compare charts, it seems pretty obvious that the lion's share of the damage to shareholders has been done by the Asian debacle and the general industry downturn. It's certainly hard to see how Cymer executives could have had inside information on something like that. Furthermore, the insider sales do not in themselves prove that they were trading on material, non-public information. Take a look at the San Jose Mercury News' listings of insider sales published in September of 1997, and you will see that executives of virtually all of the semiconductor equipment companies were selling in August. Most of them missed the peak by quite a bit. Stocks in the sector had reached unprecedented P/E ratios, and they would have been fools not to take some money off the table.

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