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

To: ItsAllCyclical who wrote (60730)	2/19/2002 10:22:51 PM
From: Gottfried	Read Replies (1) \| Respond to of 70976

JimL, >billings are still declining< True. That leads me to an observation: a foot note in the SEMI report states... Within 2001, U.S. companies participating in the semiconductor equipment industry have transitioned to reporting revenues in accordance with the new standards of the Securities and Exchange Commission's Staff Accounting Bulletin No. 101 (SAB 101). January marks a change in definition for the billings figure reported in the Express Report. SEMI has officially adopted a revenue-based definition for the billings portion of the report in order to be consistent with company reporting practices and generally accepted accounting principles. This must mean that billings reported for January are lower than they would have been under the old method. Thus the btb is higher than it would have been. All in all not a good report. But, as Ian would say "wait for the revision next month". Gottfried

To: ItsAllCyclical who wrote (60730)	2/20/2002 1:07:20 AM
From: Cary Salsberg	Read Replies (1) \| Respond to of 70976

My actions indicate that I see limited upside in the next 6 months. I am less certain about downside. "Valuation always matters," but valuation is subjective and should discount the future. The future (3 - 5 years) might very well support the current price, but a lower entry will produce greater returns. I believe, AMAT almost went out of business in the '80s. It is not surprising that valuations were very low in '96. The market was afraid of the whole industry. Stocks sold for less than working capital.