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

To: Proud_Infidel who wrote (4822)	1/8/2003 9:34:34 AM
From: Jeffrey D	Read Replies (1) \| Respond to of 25522

Adams Harkness upgrade. Jeff >> Company: Applied Materials, Inc. (NasdaqNM: AMAT) Brokerage Firm: Adams Harkness Rating Action: Upgrade Rating: from Market Perform to Buy Source: Briefing.com

To: Proud_Infidel who wrote (4822)	1/8/2003 10:06:06 AM
From: Jeffrey D	Read Replies (2) \| Respond to of 25522

Goldman Sachs from Monday on the first half of calendar year 2003 for semi equips. Jeff << We try to keep semi equipment investing as simple as possible, if orders are going up, we want to own the stocks. Since our fundamental research leads us to the conclusion that orders will be up in H1'03, we believe it will be a good time to own the semi equipment stocks. The problem that many investors have with our thesis is that end-demand remains lackluster. The question we keep hearing goes something like this - 'How can companies at the bottom of the electronics supply chain (i.e. semi equipment) see any kind of sequential growth when the OEMs at the top of the food chain continue to see lackluster demand entering H1'03 (as per our Tech Strategy team's piece last week)???' We believe the answer is that unlike other areas of tech, the semiconductor manufacturers have technology drivers that are leading them to commit new capital. Of the nine semi customers we mentioned above who are likely to drive order growth in H1'03, eight of them are ordering 300mm equipment. While it is definitely true that the end demand environment needs to improve before there is any sustainable upturn (i.e. order growth continuing through Q3 and Q4), we believe orders can increase in H1'03 driven by technology buys alone.