RE<<I think that the market has already priced in a 1999 industry rebound to early '98 sales levels. The stock prices are generally at early 1998 levels for small players, and considerably higher for the big semi equips.>>>
I agree, BUT, 1999 being so early in a new up cycle, I think as long as the news gets better the stocks go up. History shows these stocks go up or they go down, they dont just stay flat.
I do agree about the small cap vs. large cap semi equips.
The big guys (NVLS, AMAT, KLAC, for example) are at significantly higher valuations (price to book, price to cash, price to past cycle earnings, price to past price peaks) than the smaller cap semi equips (SFAM, ASYT, HELX, EGLS, SVGI, BRKS, for example). I am going to put any new buying into the smaller cap semi equips. |
