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To: keithcray who wrote (7568)	7/19/2001 6:37:44 PM
From: 2MAR$	Read Replies (2) \| Respond to of 208838

Novellus Systems Announces Sale To Sell 30-Year Conv Debs SAN JOSE, Calif., July 19 /PRNewswire/ -- Novellus Systems, Inc. (Nasdaq: NVLS), the productivity and innovation leader in thin film deposition and surface preparation technology for the global semiconductor industry, today announced that it has agreed to the sale of 30-year, zero-coupon convertible debentures. The debentures were priced with a zero coupon and zero yield to maturity and a conversion premium of 52 to 55 percent based on the closing price of the company's common stock on July 19, 2001. The company anticipates gross proceeds of the offering of $800 million before any exercise of an $80 million over-allotment option. The company stated that it intends to use the net proceeds of the offering for general corporate purposes, including working capital. Each debenture will be issued at a price of $1,000. The debentures will be convertible at the option of the debenture holder into shares of Novellus common stock at a fixed ratio per debenture of approximately 13. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. The securities to be offered will not be registered under the Securities Act of 1933, as amended, or applicable state securities laws, and are only being offered to qualified institutional buyers in reliance on Rule 144A under the Securities Act. Unless so registered, the notes and any common stock issued upon conversion of the notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. About Novellus Systems: Novellus Systems Inc., an S&P 500 company, manufactures, markets and services advanced deposition and surface preparation equipment for today's advanced integrated circuits. The company's products are designed for high-volume production of advanced, leading-edge semiconductor devices at the lowest possible cost. Headquartered in San Jose, Calif., with subsidiaries throughout the U.S. as well as the United Kingdom, France, Germany, The Netherlands, Spain, Ireland, Israel, Italy, China, Japan, Korea, Singapore and Taiwan, Novellus is a publicly traded company on the Nasdaq stock exchange and a component of the Nasdaq-100 Index(R). Additional information about the company is available on Novellus' home page at www.novellus.com.

To: keithcray who wrote (7568)	7/20/2001 1:43:27 AM
From: 2MAR$	Read Replies (2) \| Respond to of 208838

A perma bear waxes poetic : <<<Well, boys and girls, our retest of April lows may just happen sooner than expected. We are not getting much of a rally through earnings, and if we can't get one over the next couple weeks dudes, we gonna break down large more than likely. MSFT warned for next quarter SUNW warned for next quarter Earnings are getting WORSE, NOT better! All the idiots saying you should buy buy buy keep getting proved WRONG and its a really sad state we are in that there are still morons dumb enough to buy MSFT going into earnings. Why? What did they think, that MSFT was going to say its all OK and getting better by the day? I just don't get it! Meanwhile..... As for friday, well, we should get a nice gap down. We'll play it if it looks good, but dudes, this is a market that is in trouble. All we need now is for CSCO to say things are worse and you will see 1500 in a heartbeat. The problem is, and SEBL's own CEO said it on Wednesday, prices are STILL WAY WAY WAY high! People see EMC at $18s and they think its a bargain. WHY? Business is bad, these stocks are still trading at way high multiples. PMCS said they will miss by 35%!!! Thats after missing this quarter and warning last quarter. The list goes on and on and on. BRCM is still trading at over 12 X's REVENUE! Thats a bargain? Please, the insanity has to stop and it is and it will get worse. Unfortunately many will lose EVERYTHING before they realize they are never going to get their money back - NEVER! That's right - NEVER! Anyone who thinks EMC or BRCM or 1000 other techs will ever see their old highs is just a moron. Not in a million years will it happen. Sorry, end of story. We wrote MONTHS ago, MANY MANY months ago that these stocks would only go LOWER, not higher. Our clients listened, or most did, but everyone else just ignored and said the market would recover. Dudes, SUNW is worth $5 a share, thats all. If you think its a deal at $14.50 you're an idiot. Trade higher? Sure, we can bounce, but long term? You gotta be real, dudes. Let's TRADE 'EM,not Marry 'em! Its the only way to make the Ka-chingos!! We get a gap down, we trade it and we see what shakes. We still have 3 weeks of earnings, and more danger ahead! Perhaps the market will decide bad news is priced in. We have been calling for a rally, but with MSFT now in the fold to miss for next quarter we certainly don't look like we want to go very far. We need good news from CSCO to get a nice move here that lasts for more than a heartbeat. If not, then we may be in for a very long summer. Things will not really turn around until there are real earnings reversals. So far we are just not seeing them. Lets see what shakes, we make money either way.>>>> ***************** and you know how he ended it ! ;-)