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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (2366)	8/14/2002 11:00:07 AM
From: Jeffrey D	Read Replies (1) \| Respond to of 25522

Well, let's see what the "man" himself had to say on CNBC this morning. Hmm, I guess nobody watches CNBC anymore. In the good old days any number of posters would have mentioned Morgan being on cable. Jeff << NEW YORK (Dow Jones)--Uncertainty about Applied Materials Inc.'s (AMAT) fiscal fourth-quarter orders reflects the uncertainty in the U.S. economy, Chairman and Chief Executive James Morgan said in a CNBC interview Wednesday. Morgan said the question is how late customers can make investments in new technology, a decision that is affected by the general economic outlook. "There's a lot of opportunity. They're just having trouble putting pen to paper," the chief executive said. Late Tuesday, the leading maker of semiconductor equipment reported fiscal third-quarter net income of $115 million, or 7 cents a share, flat with the year-ago third quarter. But third-quarter order results of $1.78 billion, which climbed 5% sequentially, were lower than the Santa Clara, Calif., company's previous target of an increase of 10% to 15%. During a conference call with analysts late Tuesday, Applied Material's Chief Financial Officer Joseph Bronson said the company expects orders in its fiscal fourth quarter to decline 5% to 15%. He said revenue will be flat to modestly higher than the third quarter and that earnings per share will improve sequentially. Morgan told CNBC he expects the adoption of new technology to drive growth. Applied Materials' kept all of its investments in technology and e-business in place during the downturn for when companies decide to upgrade their existing systems. The company's new technologies enable customers like Cisco Systems Inc. (CSCO) to get cheaper chips with more functions, Morgan said. He also expects "huge" demand for semiconductors as more people adopt new technologies. -Cindy Schreiber, Dow Jones Newswires; 201-938-2408