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

To: Sam Citron who wrote (62223)	3/21/2002 7:40:48 PM
From: Cary Salsberg	Respond to of 70976

I am not sure that "emotional factors" are really emotional. The chief "emotional factor" seems to be uncertainty. PDLI went down while the outcome of its phase 2 trials was uncertain. When the outcome was certain, complete failure which caused the program to be terminated, the stock rose (28%(?) today).

To: Sam Citron who wrote (62223)	3/22/2002 5:43:39 AM
From: scott_jiminez	Read Replies (1) \| Respond to of 70976

RE: Valuation. IMO, a general statement of 'valuation' levels cannot be used as blanket description for the equipment stocks. As I showed in this post from a couple days ago Message 17216089 some stocks in this universe are richly valued and others are definitely not. While it would be nice (read: logical) if price/sales really did function as one fairly reliable measure of future performance when the industry is beginning to recover, the data suggests (as noted in that post) that the p/s ratio is not nearly as indicative as one may hope. However, with AMAT at p/s = 7.0, and KLIC (for instance...surprise!) at p/s = 1.9, one cannot help but wonder which stock has better prospects at this moment Message 17231367 [Y'all shouldn't waste any more time attempting to interpret AMAT's decision to split its stock at this time. KLIC did a 2-for-1 in August, 2000 ...at the PRECISE moment of the onset of the most devastating downturn in the industry's history. KLIC's split then, and AMAT's split now, are certifiably nonsensical: the more ludicrous the rationale put forth on this thread or elsewhere for AMAT's (or KLIC's) decision, the closer one may be to approximating the mindset of the board of these companies.]