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Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (11708)	5/22/2002 5:29:16 PM
From: Bill Harmond	Read Replies (2) \| Respond to of 57684

I don't know about you, but I'm beginning to think we can write off a rally in tech before 6/30: 16:42 ET Semi equipment stocks lower on Intel capex talk Street sources telling us that a Morgan Stanley analyst did comment that Intel's capital spending could be flat to down 15% in 2003 due to capital efficiencies resulting from the transition to 300mm from 200mm; he mentions that Intel hinted at this at its April 25 analyst meeting (Lehman's Dan Niles noted the possible 2003 capex implications at that time). With this forecast in mind, the analyst worries about high valuations in the semi equipment sector, poor end market visibility, and sector rotation risk. Semi equipment names down after hours: NVLS -1.07, KLAC -0.73, AMAT -0.16.