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

To: Crossy who wrote (2327)	3/19/2002 10:28:24 PM
From: Sun Tzu	Read Replies (1) \| Respond to of 95531

> SG&A as R&D are costs subject to management discretion True, but if you use the average OM over a 5 year period, then whatever discretion the management may have had over one or two years has been counteracted; they cannot put off R&D forever. On the other hand, if I am not mistaken, operating margins are reported as percentage of continuing operations, whereas GM applies to the whole revenue. By using OM, I hope that I am excluding the effect of discontinued or sold off operations. By all means correct me if I am mistaken in this belief. ST