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Technology Stocks : Helix Technology, a cold play on semiconductor equipment -- Ignore unavailable to you. Want to Upgrade?

To: mopgcw who wrote (1110)	11/24/2003 7:18:15 PM
From: mopgcw	Read Replies (1) \| Respond to of 1227

GS US SEMI EQUIPMENT WEEKLY: MARGIN EXPANSION KEY TO NVLS MID-QUARTER UPDATE Summary: (1) Order expectations for Novellus' mid-quarter update are quite high so we believe it will take margin expansion to drive the stock higher post the update. We wouldn't be playing the quarter for a trade given the high expectations but we do believe that investors with a 3-month time horizon should be overweight the stock given its likely strong cyclical operating leverage, (2) AMD to build a new 300mm fab, equipment ramp scheduled for 2004, mild positive for the stocks but we are reluctant to place too much emphasis on the positive impact until the fab gets closer to ordering equipment in mid-2004, (3) SIA Q2 8-inch fab utilization up again sequentially to 88.7% with advanced utilizations substantially higher underscoring the need for chipmakers to add capacity, and (4) News, Events and Price Performance. 25. eBay Inc. EPS (FY Dec) 2003E $0.72, 2004E $1.05