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

To: Tony Viola who wrote (35632)	7/6/2000 12:45:17 PM
From: Proud_Infidel	Respond to of 70976

One clueless fellow talking about another....he really believes Joseph did us all a service yesterday, even though he(Joseph) went on cnn's moneyline last night and basically said his call was a guess at best. Saying he "no-hit" the Sox is a misnomer, since people are inclined to sell now and ask later. Kind of like yelling fire in a crowded theater and then taking credit for getting everyone out. Semiconductors Can't Hit This Curveball By James J. Cramer 7/5/00 8:38 PM ET Few downgrades engendered heat like that Salomon Smith Barney downgrade of the semiconductor group this morning. (TheStreet.com looked at Salomon's unpopular stand in an earlier piece.) The reaction from you was instantaneous. "This is a horrible call," wrote a typical emailer on the topic. "They are stuck in the old thinking of three-year cycles on the semis. The standard discount-the-expansion-six-months-ahead-of-time is way too easy and lazy research." Another wrote: "The call was not discriminate, and as a result, the selloff is wholesale. Micron Technology (MU:NYSE - news - boards) is being knocked down as much as RF Micro Devices (RFMD:Nasdaq - news - boards), even though the former serves a very different market." And still one more: "Listen to the companies, not the analysts. They are saying they will have upside for at least two quarters and maybe more." To which I say, Ah, come on. This downgrade was a thing of beauty from an analyst point of view. And from a customer point of view. We want our analysts to get out in front, not to wait for the companies to tell him things have turned bad. Often, the companies would be the last to see it. We need our analysts to take all of the inputs, supply and demand, macro and micro, and make a reasoned judgment not only of when we should get in, but when we should get out. Otherwise, we will be too late and we could get hurt. We want analysts to think, not just retell or spout bullish dogma. We want our analysts to make us money. John Joseph's call was designed to do that. Yes, it was unexpected. Many smart people thought these stocks would rally into excellent quarters and then they could get out. Others have gotten so used to riding the bull that they forgot these stocks have lost a lot of money for people at times, too. And no, I don't believe the big move is over. Our firm was hurt by the call. We were and are long stocks like Xilinx (XLNX:Nasdaq - news - boards), LSI Logic (LSI:NYSE - news - boards), Intel (INTC:Nasdaq - news - boards) and Micron, all of which were hurt by the downgrade. But to rail against Joseph, to call him stupid, or wrong, or way too early misses the whole point of the game. Joseph has to call them like he sees them. He has to get you in when the getting in is good, which he has done, and get you out before you give those gains back, which he did today. To blast him is to play home team to its illogical degree. I remember when I was a little boy my dad would take me to see the Phillies play the Dodgers or the Cards and we would watch Bob Gibson and Sandy Koufax pitch and my father would actually want to see a no-hitter. Me, I couldn't stand it. We couldn't buy a hit. Those games drove me crazy. Now I look back and I say, I saw a guy at the top of his game. Sure my team got beat, but sometimes that happens. Joseph is at the top of his game. He no-hit the Sox team today. Give him his due. Accept it. And get out there tomorrow and hit the ball out of the park. James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Intel, LSI, Micron and Xilinx. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at jjcletters@thestreet.com.

To: Tony Viola who wrote (35632)	7/7/2000 8:59:14 AM
From: Proud_Infidel	Read Replies (1) \| Respond to of 70976

Borrowed from the CYMI thread: Taiwan Semiconductor Manufacturing Co's (TSMC) (NYSE:TSM - news) chairman said on Friday he saw the current semiconductor boom lasting at least another two years, taking issue with a research report forecasting a coming downturn. TSMC Chairman Morris Chang said Salomon Smith Barney's decision to downgrade the entire semiconductor sector, which caused a sharp fall in U.S. chip shares on Wednesday, was based on weak evidence. ``Put simply, I completely disagree with this point of view,'' Chang told a news conference. ``He (Salomon analyst Jonathan Joseph) talks about capital equipment growth rates and I don't think this is a very good correlation,'' Chang said. ``He also talks about shortages of passive capacitors and that has nothing to do with semiconductors.'' ``I can't say that semiconductors are no longer cyclical but think the best and most bountiful part of this cycle will come at the earliest in mid 2002,'' he added. Salomon's Joseph said he found ``evidence of a trend reversal in decelerating industry unit shipments,'' citing evidence such as a peak in capital spending growth and shrinking lead times in tantalum capacitors for mobile phones. TSMC is the world's largest dedicated microchip foundry, or contract chipmaker.

To: Tony Viola who wrote (35632)	7/7/2000 9:02:12 AM
From: Proud_Infidel	Read Replies (1) \| Respond to of 70976

Borrowed from the CYMI thread: Taiwan Semiconductor Manufacturing Co's (TSMC) (NYSE:TSM - news) chairman said on Friday he saw the current semiconductor boom lasting at least another two years, taking issue with a research report forecasting a coming downturn. TSMC Chairman Morris Chang said Salomon Smith Barney's decision to downgrade the entire semiconductor sector, which caused a sharp fall in U.S. chip shares on Wednesday, was based on weak evidence. ``Put simply, I completely disagree with this point of view,'' Chang told a news conference. ``He (Salomon analyst Jonathan Joseph) talks about capital equipment growth rates and I don't think this is a very good correlation,'' Chang said. ``He also talks about shortages of passive capacitors and that has nothing to do with semiconductors.'' ``I can't say that semiconductors are no longer cyclical but think the best and most bountiful part of this cycle will come at the earliest in mid 2002,'' he added. Salomon's Joseph said he found ``evidence of a trend reversal in decelerating industry unit shipments,'' citing evidence such as a peak in capital spending growth and shrinking lead times in tantalum capacitors for mobile phones. TSMC is the world's largest dedicated microchip foundry, or contract chipmaker.