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To: Nancy who wrote (5230)	4/23/2003 12:50:27 PM
From: Cary Salsberg	Read Replies (3) \| Respond to of 13403

OT RE: "...red herring on what is to come, being a backender." Is "red herring" a cousin to the "canary" in the mine shaft? The "backender" tradition arose during "normal" cycles, those characterized by secular growth in unit demand and alternating over and under capacity which had pronounced effects on prices and revenues. I don't believe we are experiencing a "normal" cycle. The current environment has been very harsh on all but the leading edge semi-equips. KLIC has the leading edge wire bonder, but bonders are not the leading edge of packaging technology. I don't believe KLIC is a reliable "Canary" or "Red Herring" now.