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Technology Stocks : Varian Semiconductor Equipment Associates -- VSEA -- Ignore unavailable to you. Want to Upgrade?

To: Demosthenes who wrote (1221)	12/4/2000 10:20:07 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 1929

Yes I do, but apparently many others do not, as it isn't reflected in the price. Either we will see substantial capex reductions to justify current prices, or a violent upward run if fundamentals and share price become too disconnected. My hope of course, is for the latter:-) BK

To: Demosthenes who wrote (1221)	12/6/2000 8:30:30 PM
From: Proud_Infidel	Read Replies (2) \| Respond to of 1929

Bear Stearns comments copied from the Blood thread: From Bear - We took clients on a bus tour to visit 4 companies: PRI Automation (PRIA, Neutral), Brooks Automation (not rated), MKS Instruments (MKSI, Buy), and Varian Semiconductor Equipment (VSEA, Buy). Common themes were: most companies felt the recovery is far from over. They do not see a cyclic downturn as compared to a demand downturn--a more near-term digestion period that will likely last a couple of quarters. Demand in general continues to be good. Most of the companies reported their revenues continue to be up in the current quarter. There was caution in the marketplace, concerns about people rearranging budgets. There was a lot of talk about new materials: copper, 300mm wafers. PRIA had a problem this quarter getting their popular TurboStocker product. PRIA said they were roughly half-way through getting those problems turned around and fixed. MKSI has not seen any change in direction from Applied Materials (AMAT, Buy), close to 30% of their business. They expect their business to be up again sequentially next quarter. VSEA announced a new product, which broadens their product line to cover the entire spectrum of ion implant. AMAT announced their first foray into single-wafer ion implant last week. While AMAT came out with their first product, this is VSEA's second generation product. They are still very far ahead. VSEA did indicate they are continuing to grow market share. They expect their revenue to be up even at current rates, up 30% in 2001 over 2000. In the transition from 200-300mm they were gaining roughly 10% market share.