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

To: Donald Wennerstrom who wrote (2321)	3/19/2002 6:10:15 PM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 95865

This is the update of the BtB table thru February, Book to Bill YR YR YR YR YR YR YR Month 1996 1997 1998 1999 2000 2001 2002 JAN 1.28 1.08 0.93 1.12 1.39 0.80 0.81 FEB 1.36 1.07 0.90 1.22 1.44 0.71 0.87 MAR 1.15 1.15 0.82 1.33 1.46 0.59 APR 1.01 1.10 0.78 1.28 1.36 0.44 MAY 0.87 1.09 0.81 1.24 1.29 0.49 JUN 0.87 1.07 0.74 1.21 1.27 0.54 JUL 0.76 1.12 0.65 1.11 1.22 0.65 AUG 0.71 1.10 0.56 1.09 1.23 0.62 SEP 0.70 1.06 0.57 1.07 1.17 0.64 OCT 0.78 1.02 0.75 1.08 1.16 0.72 NOV 0.90 1.00 0.82 1.11 1.12 0.72 DEC 1.01 0.99 0.96 1.19 0.99 0.77

To: Donald Wennerstrom who wrote (2321)	3/19/2002 8:29:52 PM
From: Cary Salsberg	Read Replies (1) \| Respond to of 95865

Bookings have been flat for 11 months. This is not typical cycle behavior. I believe this atypical behavior will continue and be characterized by very slow order growth. Telecom was initially predicted to pick up after 18 months which would have been H2 '02. We are now seeing predictions of no upturn for telecom in '02 and '03. I have seen a number of analysts use "peak sales capacity" and "peak earnings capacity" to support target and current prices. This omits time as a component of stock valuation and it is ironic(?) that this occurs when time is the most uncertain variable in tech's future business prospects.