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Technology Stocks : Cabot Microelectronics -- CCMP -- Ignore unavailable to you. Want to Upgrade?

To: Jerry Miller who wrote (28)	10/2/2001 7:09:28 PM
From: Keith Sprague	Read Replies (1) \| Respond to of 35

I am short CCMP at this point. I do like the company, their dominant position and their financials. However, IMO, now is the time to be conservative on valuations. Based on Price to book, price to cash, this is an expensive stock. I have shorts in the low 50's, and added today just over $46. I would like to see it break $40, and then cover (unless the market continues to meltdown). I may pick up a few long shares in my IRA as the stock moves lower (at least I hope it does!!) One follow up note - historically there have been very few periods when actual semiconductor production has shown declines (as least in quantity terms). We are currently in a severe contraction period. I don't know how long this will last, but it is hard to play stocks on the long side when the bottom is not clearly in sight. Just my opinions.