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

To: Lizzie Tudor who wrote (14639)	11/1/2002 1:42:39 PM
From: Bill Harmond	Read Replies (1) \| Respond to of 57684

Thomas Weisel on Semi Cap Equipment : After traveling with Advanced Energy's (AEIS 12.62 +0.52) management and confirmation of order strength from Applied Materials (AMAT 15.38 +0.35), firm reiterates Mkt Weight rating on sector; recommends investors focus on balance sheet strength and competitive positioning as key metrics for getting involved in sector. Specifically, firm thinks AEIS's cost-reduction efforts reflect likelihood of weak environment lasting for next nine months; also, firm thinks AMAT's orders from UMCi and Powerchip have little chance of delivery in next 12 months, making them purely cosmetic and jeopardizing company's order guidance for 5-15%. With shares 40-60% off their lows, firm believes investors will be able to buy stocks at lower prices before upcycle resumes.