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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (75958)	4/25/2001 6:11:10 PM
From: orkrious	Read Replies (2) \| Respond to of 99985

Zeev, after yesterday and seeing big offers early today on the large cap semi equips, I shorted the b*stards again and got my head handed to me. A god-awful book/bill and we go straight up from already inflated values. I got killed. I will probably go golf 9 holes in the morning so I don't get to the office until after 10:00 so I don't get suckered in again. Do you think it's possible for AMAT et al to get back to last week's highs tomorrow or Friday? Jay

To: Zeev Hed who wrote (75958)	4/25/2001 6:59:40 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 99985

Possible arbitrage trade (careful VSH reports earnings tomorrow) Buy 1 share of VSH - P/E of 8 Sell short 2 shares of SEM - P/E of 16 Logic - SEM received an exchange buy out offer from VSH which states that VSH will issue 1 new share for every 2 shares of SEM. The board of directors of SEM rejected twice the offer from VSH. My speculation is that VSH will not overpay for SEM and as soon as the offer will be off the table SEM will slide. This is an arbitrage transaction and it may be that another suitor will arrive and overpay for SEM and the market will not recognize VSH value. Haim