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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (9074)	3/19/2003 12:47:55 PM
From: Return to Sender	Read Replies (1) \| Respond to of 95572

From Briefing.com: 11:11AM SOX trades to session lows at 320; 200-day simple moving avg rests at 315 10:39AM S&P 500 testing resistance zone again : -- Technical -- Index edged to a fractional new high for the move/month but follow through interest has yet to develop as it is bumping up against resistance in the 868/871.50 area again (bottom of the Oct/Jan trading range, a pivot point and the 50% retracement of the Dec/March slide). Initial resistances if a break is seen are at 872 and 875/876. A failure to work through/stabilize above the initial zone and a subsequent pullback through intraday supports at 864/863 and the 859 area would at least raise the possibility that a more extensive correction was underway given the 10% surge over the last week. 9:48AM Photon Dynamics: Lehman reiterates Overweight rating and $23 target (PHTN) 18.32 +0.02: As a pure play in the fast growing FPD market, firm continues to recommend purchase of the stock. 9:09AM Pacific Growth believes Semi valuations ahead of fundamentals : With stocks priced for perfection, firm downgrades ALTR, XLNX, LLTC, MXIM to Underweight from Equal Weight. Firm seeing increasing signs of weakness of the end-markets for semiconductors. 8:48AM August Tech upped to Strong Buy from Buy at Adams Harkness (AUGT) 3.89: Adams Harkness is also increasing its price target to $10 from $7 based on firm's long-term model; points out that cash per share is $1.32. 8:12AM Cisco Systems adds $5 bln to buyback authorization (CSCO) 14.20: Co's board of directors has authorized up to $5 bln in additional repurchases of its common stock. The board had previously authorized up to $8 bln in stock repurchases. "We believe that repurchasing Cisco stock while maintaining a strong cash balance is in the best interest of our shareholders." 7:49AM Semi equip book-to-bill exceeds forecasts : As reported last night, the semiconductor equipment industry book-to-bill ratio rose to 0.99 in Feb from 0.92 in Jan. The figure was ahead of Morgan Stanley's forecast range of 0.90-0.95, due mostly to upward revisions to Jan data (to 0.94 from 0.92). finance.yahoo.com^SOXX+ALTR+AMAT+AMD+AUGT+BRCM+CSCO+INTC+KLAC+LLTC+LSCC+LSI+MOT+MU+MXIM+NSM+NVLS+PHTN+TER+TXN+XLNX+^IXIC+^NDX+^SPX+^VIX+^VXN+^STI.N+SMH&d=t I cannot argue with your reasoning. If oil prices fall significantly and businesses do start buying new computers and other technology the bottom may well be in. If they are slow to do so then valuations remain high. Once again I will remind those that bother to look at both sides of the coin that an astute investor like Warren Buffet is still highly concerned about stock market valuations. Shouldn't we be concerned too? RtS