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To: MythMan who wrote (235550)	4/15/2003 8:39:41 AM
From: orkrious	Read Replies (4) \| Respond to of 436258

I wonder if I should cover my NVLS? Novellus Won't Tell Us About the Broader Market By James J. Cramer 04/15/2003 08:34 AM EDT Click here for more stories by James J. Cramer Wouldn't it be something if the bad news for Novellus (NVLS:Nasdaq - news - commentary - research - analysis) wouldn't affect anything else other than Novellus? Or maybe Applied Materials (AMAT:Nasdaq - news - commentary - research - analysis)? As Maine goes, so goes New Hampshire, so to speak? This market has been enthralled with semiconductor capital goods spending for too long. We have had solid news coming out of General Electric, IBM, Wal-Mart, Bank of America, Citigroup and Fannie Mae. I think the Novellus shortfall in orders shouldn't have an impact anymore. If you think that what happens to Novellus is a prelude to Intel (INTC:Nasdaq - news - commentary - research - analysis), I can see it, but don't believe it. If you think it's a prelude to Microsoft (MSFT:Nasdaq - news - commentary - research - analysis), you've learned nothing about the real relationships between stocks. Europe's up. I expect more good earnings news today. Those focused on Novellus will be doomed to underperformance in this period. Move on. Life's too short to focus on a second-tier semi metal bender any longer.