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Technology Stocks : Novellus -- Ignore unavailable to you. Want to Upgrade?

To: willcousa who wrote (3398)	11/26/2002 5:24:20 PM
From: LemurHouse	Respond to of 3813

Mid-quarter conf call just ended was mildly encouraging. Bookings have "firmed" and guidance slightly improved from last quarter. Business levels expected to be flat with improved profitability due to cost containment. Bookings, shipments, and earnings all guiding slightly upward. (Some confusion regarding what their earnings are expected to be, as a result of confusion surrounding speedfam acquisition.) Hill thinks industry is "at the bottom" and is giving conservative guidance of "flat" going forward. Lumpiness of small order base makes it difficult to extrapolate trends. Speedfam acquisition to close 6 Dec; they will take a 1-time charge this Q. Bottom line - no material economic changes to fundamental biz situation yet apparent. At least it ain't gettin worse. Company seems well positioned to exploit turnaround.