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To: Broken_Clock who wrote (10182)	10/5/1999 3:03:00 PM
From: SJS	Read Replies (1) \| Respond to of 14427

GOOD one on AMKR, too. That's Dave's. I think we've got a winner here. In the meantime, Alan keeps the pressure on with no action, but threats of more action. There's only one worse scenerio, to do both. He's gonna attempt to talk the market down with fear. It's the same as your father saying when you were a kid: "Don't do that, or else you're going to regret it...". Steve

To: Broken_Clock who wrote (10182)	10/5/1999 11:26:00 PM
From: SJS	Respond to of 14427

More help for the naysayers and LT (the real LT personna): _________ Micron Technology (MU) 76 3/8. Call it the Amazon effect. Companies don't have to make a profit, and the future can always be a few years down the line. With Micron Technology it isn't quite that bad, but it does amaze Briefing.com how long Micron Technology (MU) can go without making a profit even while conditions for this company are supposed to be so positive. And, the stock market loves it. After the close Monday, MU reported a loss of "just" $0.07 per share for their fiscal fourth quarter. That was not as big a loss as the $0.17 per share that was expected, so this was good news for MU and the stock traded up a couple of points. Revenue also surged by 56% over the year ago quarter. Impressive. But if revenue is up 56% and they still can't make a profit... Well, we know where that is going to get us with the MU bulls. Of course, the outlook is the key factor for MU, particularly with regard to DRAM pricing. And, since DRAM prices are now higher than they were for last quarter, MU should be able to make a profit for the quarter to end in November. Forecasts are for $0.21 per share profit, and for $1.65 for the fiscal year just starting. These estimates will probably go up now. The DRAM business is extremely cyclical, though, and at some point prices will start dropping again. If that happens at any time over the next 12 months, MU may not reach $2 in earnings this fiscal year. This is on a $76 stock. Briefing.com's view is definitely contrary, but when pricing conditions are excellent for a cyclical, commodity-based company, it should make a solid profit and trade at a multiple less than 40 times next year's earnings. On this basis, MU is very overvalued. MU, however, simply trades on the direction of DRAM prices with little regard to valuation metrics. Thank goodness the Internet stocks have taught us all the profits don't really matter. - DG