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

To: Ian@SI who wrote (45020)	4/4/2001 9:29:51 AM
From: michael97123	Respond to of 70976

"I'd expect them to at least attempt to keep the selling pressure up throughout the remainder of the earnings warning season" And a big failure to fall on one of these warnings would also be a signal to buy. There has been a buyers strike which has helped extend this fall. Soon there will be a sellers strike leaving the shorts fully exposed. As I understand the rules for covering shorts, this could lead to one hell of a short-term rally, regardless of whether it turns out to be a bull or bear marlet rally.

To: Ian@SI who wrote (45020)	4/4/2001 9:30:26 AM
From: Proud_Infidel	Read Replies (3) \| Respond to of 70976

Chartered shares hit all-time low (UPDATE: Adds comments from analysts, updates share price) SINGAPORE, April 4 (Reuters) - Chartered Semiconductor Manufacturing (NasdaqNM:CHRT - news) shares tumbled five percent to an all-time low of S$3.84 on Wednesday morning, mirroring the chip maker's weak U.S. close. Singapore-based Chartered's American Depositary Shares (ADS) closed at US$21.5000 or S$3.8929 on Nasdaq. At 0329 GMT, Chartered was down 16 cents or 3.96 percent at S$3.88 on heavy volume of more than 3.8 million shares. This compares with its initial public offer price of S$3.34 in October 1999. Chartered closed at S$5.20 on its debut on November 1, 1999. ``There's really no good news in the semiconductor industry right now so the basic instinct is to sell Chartered, especially since Nasdaq had such a bashing last night,'' said an institutional dealer with a local brokerage. The Nasdaq (^IXIC - news) plunged 6.17 percent to 1,673.00 points on Tuesday, its worst close since late October 1998. The tech-laden index is officially in a bear market phase, defined as a drop of 20 percent or more from its all-time high close of 5,048.62 on March 10, 2000. Analysts said Chartered could be supported at S$3.80 in the near term but, if this level broke, its IPO price of S$3.34 could be the next psychological support. ``The support of S$3.80 prices Chartered at 1.5 times book value and the stock is really undervalued because its Taiwanese rivals -- TSMC and UMC -- have never traded below two times their book value before,'' said Dharmo Soejanto at Kim Eng Securities. Chua Wee Thia, analyst at Vickers Ballas Securities, was hard-pressed to find a floor for Chartered's share price. ``My previous support was S$4.80, or 1.8 times book value, but since that's been broken it's difficult now to predict the next support level,'' he said. Chua said the selling in Chartered was ``justified'' due to the overwhelming negative news in the sector, particularly bloated inventories and shrinking demand for most of its U.S. customers.