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

To: rhering who wrote (7799)	10/28/2003 1:17:47 PM
From: rhering	Respond to of 25522

More on Goldman.... This was their comments after the KLA call. Note the last line. Talk about a self fulfilling prophesy. I think it more likely their spin on the KLA call that drove the downward spike not the KLA call itself. Gee, their TSMC expectation was a bit off. I guess they couldn't see any correlation between Intel's report on 9/15 and what TSMC might say. 23 October 2003, 10:19am ET KLAC: reit` in-line - KLA-Tencor (KLAC-$58; IL/A) reported CQ3 EPS of $0.18 (GS $0.18 & Street $0.17). Sales of $318m (+3% seq) were in-line with our est. Net orders of $340m up only 1% seq and sig below our $380m est as well as management guidance of +5%. The order shortfall was caused by the push- out into CQ4 of two wafer inspection orders. Explicit guidance for only 5% CQ4 order growth, which is disappointing as it includes pushed-out orders and is off of a lower than expected CQ3 order base. CQ4 earnings guidance of $0.18-$0.19 lower than our and Street cons (cons was $0.23) on lower than expected CQ2/CQ3 shipments, as customers remain reluctant to release capex dollars. Reducing CY03 EPS est to $0.66 from $0.70 on slower CQ4 earnings growth and reducing our CY04 EPS est to $1.30 from $1.45. Reiterate IL/A but expect stock to be weak near-term. This report is likely to drive the pullback we have been calling for but we wouldn`t step into the stocks yet as TSMC utilization guidance and AMAT report loom as potential negative catalysts.