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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets! -- Ignore unavailable to you. Want to Upgrade?

To: WTSherman who wrote (9856)	5/21/2001 5:58:29 PM
From: Zeev Hed	Respond to of 10921

Note, DOS for AMAT in last report was 91, but it is possible that this is also due to their new accounting principles, difficult to compare with prior periods since sales recognition has changed a little. Zeev

To: WTSherman who wrote (9856)	5/21/2001 6:39:46 PM
From: Cary Salsberg	Read Replies (1) \| Respond to of 10921

I was first attracted to semi-equips because most are very well managed and their business is amenable to sound financial control. Your "typically" is true of most companies, but has not been true of semi-equips. The long lead times and resultant backlogs, the relatively small numbers of expensive tools, the close relationships with customers, and the severe cyclicality of semi-equips has eliminated your "typically," and is the reason that an AMAT can show an operational profit in the face of a 50% sales decline. This current decline in semi-equip business has been atypical in its suddenness and severity, so your "typical" may be more common and the reason driving the convertible bonds.