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To: pallmer who wrote (3911)	12/11/2002 9:14:47 AM
From: pallmer	Read Replies (1) \| Respond to of 29597

-- DJ MARKET TALK: Cymer Book-To-Bill Encourages Needham -- Edited by Thomas Granahan Of DOW JONES NEWSWIRES (Call Us: 201-938-5299; email: tom.granahan@dowjones.com) MARKET TALK can be found using N/DJMT 9:04 (Dow Jones) Cymer's (CYMI) mid-quarter update Tuesday didn't do much to change Needham's 4Q estimates, but the firm says what was significant is reiteration of a book-to-bill ratio at or above 1-to-1, implying orders should be $63 million or better, or at least 14% better than last quarter's orders. The growth in orders supports idea that rising average selling prices should help company's revenue outperform the industry. Needham keeps strong buy, ups target to $42 from $36. CYMI closed Tuesday at $33.55. (TG) 8:49 (Dow Jones) Barclays Capital researchers expect the U.S. deficit in fiscal 2003 will come in around $270 billion. Declining revenues (down 7% in 2002 - largest drop since 1946) and rising spending on military, homeland security, and tax cuts all mean that the Treasury will experience its first cash outflow in 12 years. Barclays expects the U.S. to issue a gross of $562 billion and a net of $156 billion of new marketable debt in 2003. (SV) 8:38 (Dow Jones) MBA purchase index falls 7.2% to 358, refi index falls 8.6% to 3793. These are applications, so the fall off is not surprising as holidays approach and focus turns to other things. "Even with the ongoing slowdown in refi activity, the overall housing market is unlikely to slow much in the near term," says Drew Matus, economist at Lehman. (DDR/GMM) 8:30 (Dow Jones) Just kidding. Things are looking quiet and tentative as this hump day gets underway. The news that's drawing the most attention - Intel (INTC) saying there's no clear-cut turnaround, Kimberly-Clark (KMB) offering subdued views - isn't all too surprising. There are also no major data - though big numbers are coming Thursday and Friday - and the volume in the early part of the week hasn't exactly been robust. Sounds exciting, huh? S&Ps are flat, as is 10-year, and dollar isn't doing much either. Sounds really exciting, huh? (TG) (END) Dow Jones Newswires 12-11-02 0904ET- - 09 04 AM EST 12-11-02 Symbols: US;CYMI 11-Dec-2002 14:04:00 GMT Source DJ - Dow Jones