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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: orkrious who wrote (31870)	8/12/1999 12:35:00 PM
From: MikeGolden	Respond to of 70976

That's a great point. And here's probably why AMAT and the rest of the sector is starting to recover today: Fund Manager Bullish On Semiconductor Sector DALLAS, Aug 12, 1999 (BUSINESS WIRE via COMTEX) -- Michael Murphy, mutual fund manager and editor of California Technology Stock Letter, thinks there will be many positive earnings surprises in the technology sector in the next few quarters and especially likes the semiconductor and semiconductor equipment sectors. After several years of depressed sales, Murphy thinks demand for semiconductor equipment will increase as manufacturers move to new designs and technology. In a recent interview he discusses industry and technological trends, and mentions the following companies: Lam Research (Nasdaq:LRCX), Applied Materials (Nasdaq:AMAT), Mattson Technology(Nasdaq:MTSN), Cypress Semiconductor (NYSE:CY), LSI Logic (NYSE:LSI), and 3Com (Nasdaq:COMS). Murphy's interview is now available for replay at the AudioInvestor.Com Web site. To listen, investors should go to audioinvestor.com. AudioInvestor.Com is an educational broadcasting company, carrying interviews on economic, investment, legal, and managerial issues over the Internet. AudioInvestor.Com also helps organizations deliver their message to a worldwide audience of shareholders and financial professionals. Copyright (C) 1999 Business Wire. All rights reserved.

To: orkrious who wrote (31870)	8/12/1999 3:30:00 PM
From: William Griffin	Read Replies (1) \| Respond to of 70976

Jay, is this the report you're referring to?? NEW YORK (Dow Jones)--Merrill Lynch & Co. PC analyst Steven M. Fortuna initiated coverage of the three biggest direct sellers - Dell Computer Corp. (DELL), Gateway Inc. (GTW) and Micron Electronics Inc. (MUEI) - at near-term neutral ratings. The analyst issued a bearish industry report, calling the PC hardware industry "an industry under siege." Despite the industry's move to higher-margin products like laptops, servers and workstations, "the influx of low-cost and super low-cost PCs over the next couple of years could have an overwhelmingly depressive effect on average unit prices," Fortuna wrote. The analyst started Dell at near-term neutral/long-term buy, stating that its shares trade at a "rich valuation" of 53 times forward four-quarter earnings estimates. "We believe the stock's valuation could fall victim to the difficult times that lie ahead for the industry," he wrote. Fortuna started Gateway at near-term neutral/long-term attractive. The analyst wrote that "at 27 times forward four quarter consensus estimates, we believe the stock is fully valued and discounts a strong" second-half 1999 performance. Merrill started Micron Electronics at near and long-term neutral. "While investors clearly are awarding the stock a healthy multiple for its turnaround potential, the company faces a series of challenges which we believe could prove insurmountable," he noted. Fortuna joined Merrill Lynch in June, a spokeswoman said. He followed PC hardware for Deutsche Morgan for three years before that. The analyst is expected to initiate coverage on more PC stocks soon. Gateway shares fell 3 1/8, or 3.8%, to 80 1/8. Dell shares fell 1 1/4, or 3%, to 41. And shares of Micron Electronics fell 15/32, or 4.6%, to 9 5/8. - Christopher Grimes (201) 938-5253