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Technology Stocks : Novellus -- Ignore unavailable to you. Want to Upgrade?

To: A. Edwards who wrote (2371)	9/7/1999 11:41:00 PM
From: Grandk	Respond to of 3813

Novellus unveils integration, development unit New unit part of corporate realignment By Cecily Fraser, CBS MarketWatch Last Update: 4:54 PM ET Sep 7, 1999 NewsWatch SAN JOSE, Calif. (CBS.MW) -- Semiconductor production equipment maker Novellus on Tuesday said it has established a new unit that will focus on customer integration needs and develop risk minimization strategies. The new integration and advanced development unit is part of the company's realignment of its corporate structure, Novellus said. "This reorganization is designed to put in place the infrastructure needed to power Novellus into a multibillion-dollar company," the company said in a statement. For its most recent quarterly earnings report, Novellus (NVLS: news, msgs) posted second-quarter net income of $12.4 million, or 31 cents per share, on revenue of $130.9 million. See full story. The restructuring also combines the company's existing dielectrics and metals product lines into a single organization, and unites the company's engineering and manufacturing functions into a new group. According to Hoovers, Novellus' chip technology includes chemical vapor deposition systems that layer dielectric, or insulating material, on semiconductor wafers; physical vapor deposition systems that layer conductive metals and electrofill systems that deposit copper layers. Novellus named Wilbert van den Hoek to the position of executive vice president of the Integration and Advanced Development organization. Jeffrey Benzing was named executive vice president of systems development, while John Chenault was named executive vice president of business operations. The stock rose 11/16 to 65 3/4.

To: A. Edwards who wrote (2371)	9/7/1999 11:52:00 PM
From: A. Edwards	Read Replies (1) \| Respond to of 3813

Merrill said "Copper Starting to Shine". Merrill Lynch & Co. 3 September 1999 Mark F. FitzGerald, Vice President Thomas R. Diffely, Industry Analyst Reason for Report: Company Visit 12 Month Price Objective: $100 Investment Opinion: B-1-1-9 Investment Highlights: · Driven by a growing demand for copper equipment, we believe NVLS will post record bookings of $200 million in 3Q '99, up from an estimated $175 million in 2Q '99. · The company has taken an early lead in the electroplating market. We estimate the company has had more than 10 design wins to date well ahead of the second place contender. · Interest in the company's PVD tool is growing as major accounts such as Intel and IBM are taking a more serious look. · We believe the foundries are in the midst of a technology war and copper has become the weapon of choice. Of the two foundry superpowers we believe UMC has the technology lead but TSMC is not about to surrender. · Our $100 price objective assumes a 30x multiple on CY'00 EPS estimates of $3.34.