Mike,
I know you follow semi's, like me. Here's something on NVLS that's interesting:
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On the technology side, semiconductor equipment maker Novellus (NVLS) provides a classic case of current market thinking. NVLS reported fourth quarter profits of $0.23 per share. That was right in line with the published expectations and therefore seemingly no problem for the stock, which has risen sharply lately. Few will mention, or perhaps even notice, that revenue was down 35% on a year-over-year basis, and flat sequentially. Not exactly impressive. Profits were down a whopping 63%. Yet, the fact that profits came in right on the estimates suggests that traders will still keep an optimistic view on both prospects for NVLS and the industry. The stock, at 74, has more than doubled from the year-ago price of 33 7/8, despite the fact that 35% of revenue has disappeared and profits are down 63%. NVLS is indicated to open flat.
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