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Technology Stocks : Novellus -- Ignore unavailable to you. Want to Upgrade?

To: Alan Gallaspy who wrote (3282)	8/31/2001 7:28:17 AM
From: LemonHead	Respond to of 3813

6:44am 08/31/01 Analysts on Novellus order decline(NVLS) By Emily Church That Novellus Systems (NVLS) sees bookings at the low end of targets for the third quarter "provides further evidence Industry is not bouncing along a bottom. We find it difficult to equate a 36 percent sequential decline to "bouncing along the bottom'," Credit Suisse First Boston told clients Friday. Robertson Stephens downgraded the stock to a buy from a strong buy. Novellus shares had to trade in the pre-open, after declining overnight as the company reiterated third-quarter financial targets. Merrill Lynch reduced earnings estimates for the 2001 year on the lower orders to $1.38 a share from $1.40, but was resolved to look for the pony, telling clients "Novellus is seeing some stabilization in utilization at certain fabs and is no longer seeing significant cancellations." Bear Stearns' Robert Maire kept it simple, telling clients overnight that he's "not highly motivated one way or another to do anything with the stock. It is quite clear that the timing of the upturn is unclear. Visibility remains low and orders continue to drift down." www2.marketwatch.com;