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

To: w0z who wrote (696)	6/13/2001 7:33:34 PM
From: Cary Salsberg	Read Replies (1) \| Respond to of 95834

I agree my definition of "fabrication equipment" was too broad because board testers are not "fabrication equipment."

To: w0z who wrote (696)	6/13/2001 7:39:50 PM
From: James Calladine	Respond to of 95834

AMAT REPORT: Full PDF report linked at: witcapital.com Applied Materials Update <<<Summary: Applied Materials held a tour for the sell-side yesterday at its Austin, Texas manufacturing facilities. We continue to be impressed by the company's lean manufacturing set-up. It continues to allow quick ramp-up and slowdown for the manufacturing site. While the bottom for the company may have been reached, given the rapid decline we have seen over the last two quarters, we continue to believe the return to growth will be slow. Our view is that the rapid snapback for Applied is optimistic and $2 billion in orders for the October quarter is wishful thinking. The fundamentals continue to play out to our thesis. The stocks have remained incredibly resilient, and it is unlikely they will retrench to the October/November lows. Weakness could provide opportunities to start to build positions. We believe a 20% to 30% downside risk is still a meaningful possibility in the nearer term.>>> Namaste! Jim