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

To: Proud_Infidel who wrote (37383)	9/22/2000 9:37:59 AM
From: Ian@SI	Read Replies (2) \| Respond to of 70976

Banc of America Analyst: Earnings Are Indicator to Watch in Semiconductor Capital Equipment Sector SAN FRANCISCO, Sep 22, 2000 /PRNewswire via COMTEX/ -- -- The following is being issued by Banc of America Securities, a member of the National Association of Securities Dealers, CRD number 26091: The inverse relationship of inventory and stock price suggests that the semiconductor capital equipment sector is nearing the top of its cycle, according to Banc of America Securities' senior research analyst Mark FitzGerald. (Photo: newscom.com ) "As sector stocks enter a more realistic trading range, it's important to stay focused on companies that can deliver earnings and positive earnings surprises over the next 12 to 18 months," said FitzGerald. "Look for the sector to trade slightly higher than market range." FitzGerald's comments came at the 30th Annual Banc of America Securities Investment Conference, which runs through September 22 at the Ritz-Carlton Hotel in San Francisco. The five-day conference features 250 presentations from companies that are driving the Business Services, Consumer & Retail, Energy, Entertainment, Media & Telecom, Financial Services, Health Care, Industrial Growth, Real Estate & Lodging and Technology industries. FitzGerald emphasized that his advice takes into account that the semiconductor industry is on track for the long term. "The capital equipment sector merits a more cautious stance for the short term," he said. "We've enjoyed immense growth over the past 10 years, but now we have to take deacceleration into account." The capital expense sector does boast positive indicators in three segments, however. According to FitzGerald, spending for logic and flash memory will drive sector recovery, and DRAM spending, although well off its peak, is picking up its pace. Applied Materials (AMAT), Novellus (NVLS) are two stocks FitzGerald particularly likes. Other stocks he recommends include Brooks Automation (BRKS), Cerprobe (CRPB), Creedence Systems (CMOS), KLA-Tencor (KLAC), Lam Research (LRCX), PRI Automation (PRIA) Teradyne (TER) and Therma-Wave (TWAV). Banc of America Securities, a subsidiary of Bank of America Corporation (NYSE: BAC; PCX; London), is a full-service investment bank and brokerage firm. With principal offices in San Francisco, New York City and Charlotte, Banc of America Securities employs more than 4,200 associates in offices around the country and, with affiliates, offers capabilities worldwide. Bank of America, with $680 billion in assets, is the holding company for the largest bank in the United States. It provides international corporate financial services for more than two million businesses conducting transactions in 190 countries. More corporations, small businesses and consumers use online banking and investing services from Bank of America than any other financial services company in the United States. The company's stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges, and certain shares are listed on the Tokyo Stock Exchange. SOURCE Banc of America Securities