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

To: Return to Sender who wrote (3265)	5/24/2002 11:17:22 AM
From: Gottfried	Read Replies (2) \| Respond to of 95616

RtS, however >some on Wall Street immediately jumped to Novellus' defense. Both Merrill Lynch and UBS Warburg noted they expect Novellus stick by its second-quarter financial targets when the company holds a mid-quarter update conference call after the closing bell next Tuesday< marketwatch.com Setting up for a reversal Tuesday or Wednesday? Now back to my GS voodoo doll. Gottfried

To: Return to Sender who wrote (3265)	5/24/2002 11:23:54 AM
From: Cary Salsberg	Read Replies (1) \| Respond to of 95616

On the glass half full side: The market is testing the recent low. If it holds and we don't go down to last fall's low, then we have strong confirmation that we are in the beginning of a new bull. We are seeing the semi-equips, the strongest technology sector, being dumped on daily. So far, they are holding up pretty well and company reports are consistent with a recovery. AMAT and, apparently, NVLS are doing exceptionally well, now. In view of the overall slow environment, it should not be too big a problem if they plateau at the recent higher level order rates for a while. Valuations are still rich, but I don't see a return to last fall's lows.