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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (52638)	9/20/2001 11:18:48 AM
From: Proud_Infidel	Respond to of 70976

VIX also spiking: quote.yahoo.com^VIX&d=d

To: Proud_Infidel who wrote (52638)	9/20/2001 11:19:47 AM
From: Sam Citron	Read Replies (1) \| Respond to of 70976

Applied Materials Announces Reduction in Work Force SANTA CLARA, Calif.--(BUSINESS WIRE)--Sept. 20, 2001--Applied Materials, Inc. (Nasdaq: AMAT - news), today announced that it will reduce its global work force by approximately 2,000 positions, or approximately 10 percent, to address the continuing downturn in the semiconductor industry. The Company will record a restructuring charge in the fourth fiscal quarter, ending October 28, 2001, for employee-related costs, consolidation of facilities and other costs. Approximately 700 positions at Applied Materials' Silicon Valley operations and approximately 500 positions at the Company's Austin operations will be affected. The remaining positions are expected to be eliminated at other locations worldwide by the end of the Company's fourth fiscal quarter. Employees will be notified beginning today. Since January 2001, the Company has instituted a number of cost-savings programs in response to the slowing demand in the semiconductor and equipment industries, including executive and employee salary reductions, mandatory shutdown days, a voluntary separation plan, restricted hiring, and a reduction in the temporary work force. ``We implemented a series of aggressive cost-reduction programs in an effort to avoid reductions in our work force. Unfortunately, the length and severity of the downturn and lack of near-term visibility have made it necessary for us to take additional action to align our operations with the current level of business,'' said James C. Morgan, chairman and chief executive officer of Applied Materials. ``While this is a challenging time for Applied Materials and our customers, we firmly believe that the long-term outlook for the semiconductor industry remains strong. We are now working closely with our customers around the world on the leading-edge manufacturing technologies that will prepare them to make the critical transitions to the 300 mm, copper and nano-chip era,'' concluded Morgan.

To: Proud_Infidel who wrote (52638)	9/20/2001 12:23:02 PM
From: EACarl	Respond to of 70976

RE "The S&P Equipment Index bottomed in '98 at around 100. We are not too far away." That index is now 269. the 100 you mention is another 62% down. I would not consider that "not too far away".

To: Proud_Infidel who wrote (52638)	9/20/2001 1:19:40 PM
From: Jacob Snyder	Read Replies (1) \| Respond to of 70976

IMO, the point where this panic selling ends, is as impossible to predict as the point where the panic buying ended last year. But we are seeing, just in the last few days, some very encouraging signs. CNBC is talking about: 1. margin calls. In particular, Disney is the victim-of-the-day. 2. stock mutual fund redemptions. 3. the consensus has shifted to a certainty of a recession. 4. mass layoffs in many diverse industries (including semi and semiequip) 5. pervasive FUD, war and rumor of war, many people who said they were LTB&H last year give up, go to cash and bonds.