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

To: Gottfried who wrote (3196)	9/23/2002 9:22:46 PM
From: orkrious	Respond to of 25522

Novellus CFO says orders could be at low-end of range biz.yahoo.com

To: Gottfried who wrote (3196)	9/24/2002 2:01:13 AM
From: Steve Lee	Read Replies (1) \| Respond to of 25522

Whatever the P/E is at times of low earnings, a historical P/B or P/S for bear market valuations should suffice. The problem with ML's thinking on that excerpt is that they are comparing with 98 trough. But 98 was in a bull market. People need to look back to pre bubble times to discover that a bear market takes us to P/S ratios of well under 1.0 for the average stock. And we are exiting a massive bubble so could well end up with undervaluations as extreme as the recent overvaluations were. Unless, of course, it's different this time.