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

To: Crossy who wrote (1832)	2/2/2002 7:39:17 PM
From: Cary Salsberg	Respond to of 95622

US semi companies are moving to a more fabless model with outsourcing. Fabs are highly capital intensive and the recent leaders, South Korea and Taiwan, have artificial government supported capital markets to provide fab capital. China is likely to be the next country to build fabs and they. obviously, will not have free, competitive capital markets. I would much rather buy the designers of the chips TSM manufactures than TSM, or any fab company. I hate technology companies that don't pay dividends yet have all their book value tied up in property and equipment.

To: Crossy who wrote (1832)	2/4/2002 9:05:12 AM
From: Return to Sender	Read Replies (1) \| Respond to of 95622

From Briefing.com: 8:40AM : Firmly negative bias remains in place this morning with the S&P futures currently 4.4 points below fair value while the Nasdaq 100 futures are 12 points below fair value. There has been some buy side interest in the semi sectors in the wake of upgrades (Goldman Sachs upgrades NVLS, TER, KLAC, ATMI, ASML and DB Alex Brown upgraded TER, LTXX, AMAT) but accounting issues continue to weigh on the overall market. 7:36AM Goldman ups semi equipment; sees sequential order growth : Goldman Sachs upgrades the semi equipment sector to Overweight from Market Weight, cites belief that orders likely to rise sequentially for next several qtrs and that market will discount the majority of the cycle's upside in first few qtrs of improvement. Firm upgrades ASML, ATMI, KLAC, and TER to RECOMMENDED LIST; NVLS to OUTPERFORM. 7:13AM DBAB ups semi equipment group : DB Alex. Brown raises rating on the Semi Equipment group, and upgrades AMAT, TER, and LTXX to STRONG BUY from Buy; the next two qtrs are likely to surprise to the upside, with checks indicating firmer backlogs into Q2, increasing shipment and order pull-ins (particularly foundry/DRAM), significant uptick in component buys from tester OEMs, and 300mm shipment slots focusing on Sept/Oct. Maintains Buy ratings on NVLS and BRKS. finance.yahoo.com TSM's book-to-bill has been very strong. Best in the fab industry so far as I can tell. Thanks, RtS