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

To: The Ox who wrote (3006)	5/3/2002 11:53:13 AM
From: The Ox	Read Replies (1) \| Respond to of 95456

...Another damaged tech issue was semiconductor maker Amkor Technology Inc. (NasdaqNM:AMKR - news) which lost $2.059 to $17.381 after it posted a wider loss amid weak demand for semiconductors. Adding to the pressure, the Institute of Supply Management's survey of the huge U.S. services sector showed the non-manufacturing index came in at 55.30 for April, down from 57.30 in the prior month. A reading above 50 indicates expansion in the sector that includes everything from transportation to legal and financial services. Still, the latest reading was weaker than expectations of 56.70. The unemployment rate shot up to 6 percent, its highest level in more than 7-1/2 years, in April, the government said. However, the report was the latest sign the Federal Reserve likely would not raise rates when it meets next week, fearing it could choke the nascent recovery in the world's largest economy. "It's not great," said Paul Cherney, market analyst at S&P Marketscope. "It will prevent the Fed from even considering raising rates (next week), but that's not the problem the markets face. "Techs are weak on earnings concerns. Mid- to small-cap value remains the focus of buyers' interest. I think it's a mild negative," he said. "The unemployment rate is a lagging indicator, but it's enough to weigh on sentiment in the near term." In the technology sphere the selling hit across the board from semiconductors to computer network firms to telecommunications. The Philadelphia semiconductor index (^SOXX - news) lost 2.73 percent, the American Stock Exchange Network index (^NWX - news) was off 2.18 percent and the North American Telecom index (^XTC - news) was down 2.14 percent. Dutch semiconductor equipment maker ASML Holding NV (ASML.AS) (NasdaqNM:ASML - news) fell sharply in Amsterdam and New York as bondholders flooded the market with shares they received in an early conversion program. ASML shares fell as much as 8.5 percent locally to 22.05 euros and were down $1.74 at $19.29 in the United States, or 8.2 percent.