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

To: Pete Young who wrote (3061)	10/2/2000 9:30:14 PM
From: John Stewart	Read Replies (2) \| Respond to of 3661

Pete; I think the merger thing is a little different this time. In the past 5 years, the valuation gap between a small cap and large grew almost out of sight (compare p/s at this peak for AMAT & NVLS and smaller issues such as MTSN vs 5 yrs ago in 1995). Second, the customer base is demanding more service and more of a total solution. So I think the combined new MTSN is worth more than avg of the multiples of 3 companies on their own. Also, with RTP, Strip, CVD, and Wet systems we have much more of a systems approach, so we meet the other criteria. One point that has been left out to date is one of the longest lead items is the wet systems. I hear the boys at Mattson very much intend to use this as an early entry for the "rest" of their tools. Best Regards, John Stewart ps. A better indicator of a possible top is a rush of secondary offerings and/or stock splits.