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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Alastair McIntosh who wrote (203)	12/4/2000 3:58:43 PM
From: scott_jiminez	Respond to of 95834

Alastair - if we include Klic in your survey (it is the largest backend equipment company, after all), the following is the case: NVLS, TER, and KLIC are at, or near, their historical PSR lows and AMAT, LRCX, and KLAC are significantly above their historical PSR lows. If we use the PSR measure as an level valuation indicator across companies - and if we use it as an indicator of when individual stocks have reached their cycle low (an approach that many others have suggested) - then NVLS, TER, and KLIC are near their cycle lows and AMAT, LRCX, and KLAC have a long way to go.