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To: MythMan who wrote (251474)	7/22/2003 3:05:50 PM
From: Secret_Agent_Man	Respond to of 436258

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To: MythMan who wrote (251474)	7/22/2003 3:09:45 PM
From: Lucretius	Read Replies (2) \| Respond to of 436258

Sanmina Shows a Market in Forgiveness Mode By James J. Cramer 07/22/2003 02:54 PM EDT Click here for more stories by James J. Cramer Market Analysis BULLISH Admit it, bears: We're in a benign period. Bad reports don't mean potential delistings now. Tech doesn't just disappear. As I see all of the vitriol about Sanmina's (SANM:Nasdaq - news - commentary - research - analysis) numbers on our sites, it takes my breath away. How can people feel so aggrieved over Sanmina not doing that well? And how can they be so angry about how the stock acts? What do people (short-sellers, in this case) think happens? Do people think Sanmina should issue a release saying "Our stock is 50% overvalued"? Did people think the analyst community is going to say "We think it is 50% overvalued"? Do people think there's some sort of judge out there who will issue a ruling declaring the valuation of Sanmina too high? Seriously, there are many investors out there, egged on by the utter collapse of WorldCom, Enron and Adelphia, who think when things go wrong, the stocks should just disappear. And sure enough, we were in that period not that long ago. But we aren't in it now. We are in a forgiving period, and people keep thinking we're in a severe period. We are in a benign moment that people think is somehow malignant. That's just not the case. Some of the bears on this site, in fact, are pining for the days when a bad report meant a potential delisting. Those days are now behind us except for the totally stupid companies like Mirant (MIR:NYSE - news - commentary - research - analysis). I think some of the bears out there are going to have to get realistic. Corning (GLW:NYSE - news - commentary - research - analysis) and Nortel (NT:NYSE - news - commentary - research - analysis) are survivors. JDS Uniphase (JDSU:Nasdaq - news - commentary - research - analysis) is a survivor. Sanmina will be a survivor. The period when the capital gets taken away is now over. I'm not asking people to buy the Sanminas of the world. I am just asking them to drop the outrage about how stocks should be down more when bad things happen. We are in a cyclical business, despite the protestations of many. We are in a cyclical upswing where a lot of companies that wouldn't have made it a year ago are now able to tough things out. It's what makes this market a bull market, not a bear market. But very few people around here seem willing to accept that. It's their loss.