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

To: Donald Wennerstrom who wrote (1005)	8/20/2001 9:09:57 PM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 95757

From the data in the previous post, the btb is shown below. Book to Bill YR YR YR YR YR YR YR Month 1995 1996 1997 1998 1999 2000 2001 JAN 1.32 1.28 1.08 0.93 1.12 1.39 0.80 FEB 1.41 1.36 1.07 0.90 1.22 1.44 0.71 MAR 1.30 1.15 1.15 0.82 1.33 1.46 0.59 APR 1.23 1.01 1.10 0.78 1.28 1.36 0.44 MAY 1.11 0.87 1.09 0.81 1.24 1.29 0.48 JUN 1.18 0.87 1.07 0.74 1.21 1.27 0.54 JUL 1.08 0.76 1.12 0.65 1.11 1.22 AUG 1.05 0.71 1.10 0.56 1.09 1.23 SEP 1.02 0.70 1.06 0.57 1.07 1.17 OCT 1.07 0.78 1.02 0.75 1.08 1.16 NOV 1.06 0.90 1.00 0.82 1.11 1.12 DEC 1.15 1.01 0.99 0.96 1.19 0.99

To: Donald Wennerstrom who wrote (1005)	8/21/2001 6:40:11 PM
From: SpecialK	Read Replies (1) \| Respond to of 95757

Don, April and May bookings at 721 and 715, with June revised to 727 and July at 764. It's clear that 6 months prior to June, the Semi equipment group bottomed, when the bookings bottomed. What is the action of the semi-equipment group telling us about future booking action? ?that we may see bookings rise for 3-4 months before stalling and flat-lining? Not sure. If bookings continue at current levels, and billings continue to fall, it's natural to get BtB back to 1.0. But when that happens, does it mean that the stocks are at fair value?