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

To: Return to Sender who wrote (4157)	7/19/2002 1:21:06 PM
From: Donald Wennerstrom	Read Replies (2) \| Respond to of 95420

More downgrades in the sector. The brokerage houses are all taking their turn, one or more per day, in "hitting" the semi equips. <<DJ Adams Harkness/Semi Downgrades -2: Weakness In IT Spending 19 Jul 11:02 By Roger Cheng Of DOW JONES NEWSWIRES NEW YORK (DOW JONES)--Semiconductor capital equipment companies will continue to suffer from weakness in near-term corporate information technology spending, said Adams Harkness & Hill, which downgraded 18 companies to market perform. Adams Harkness & Hill analyst Fred Wolf said he was lowering the projected capital equipment demanded to reflect a "less robust economic environment during this period, which in turn would result in lower demand for increased semiconductor manufacturing capacity." A first-half surge in semiconductor equipment was caused more by the fear of an imminent shortage of leading-edge capacity, rather than a true upswing in the sector, Wolf said. "We now believe the uptick in demand for semiconductor capital equipment in 1H should not be regarded as the beginning of a broad-based upcycle but was primarily a result of underspending by the semiconductor industry in 2H of 2001," he said. Wolf believes that corporate information technology will not only be the key factor in the semiconductor industry, but for the economy as a whole as well. He said the possibility of a second-half 2002 recovery is deteriorating and an anticipated 2003 recovery is uncertain. Wolf downgraded the following stocks to market perform: ADE Corp. (ADEX); Advanced Energy Industries Inc. (AEIS); Applied Materials Inc. (AMAT); Asyst Technologies Inc. (ASYT); Brooks-PRI Automation Inc. (BRKS); Cognex Corp. (CGNX); Cymer Inc. (CYMI); Entegris Inc. (ENTG); Helix Technology Corp. (HELX); KLA-Tencor Corp. (KLAC); MKS Instruments (MKSI); Nanometrics Inc. (NANO); Novellus Systems Inc. (NVLS); Rudolph Technologies Inc. (RTEC); Therma-Wave Inc. (TWAV); Trikon Technologies Inc. (TRKN); Veeco Instruments Inc. (VECO); and Varian Semiconductor Equipment Associates (VSEA). -Roger Cheng; Dow Jones Newswires; 201-938-5393 (END) DOW JONES NEWS 07-19-02 11:02 AM>>