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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders -- Ignore unavailable to you. Want to Upgrade?

To: Donald Wennerstrom who wrote (5009)	6/22/2004 8:16:49 AM
From: Proud_Infidel	Read Replies (1) \| Respond to of 5867

FWIW....a few words on Lam: Managers Ease Off the Gas Pedal Tuesday June 22, 7:00 am ET By Christopher Davis With the major stock market indexes up sharply from their lows, fund managers are beginning to ease off their accelerators. At least, that's what many of them are telling us recently. That's been the case with John and Nick Calamos, the team that heads up the stellar mid-growth offering, Calamos Growth (Nasdaq:CVGRX - News). The managers let macroeconomic forecasts drive their stock-picking--a strategy that led them to gear up their portfolio for a cyclical recovery in late 2002. After that bet paid off handsomely in 2003, the Calamoses have gotten a little more conservative. They've lightened their energy, industrials, and software stakes, instead favoring steadier growers with stable cash-flow streams. The managers haven't abandoned racier areas of the market, though: The fund still has a heavy weighting in hardware names, which they believe may be beneficiaries of increased corporate capital spending. The Calamoses aren't alone. While generally favoring less-aggressive fare, many fund managers have stuck with some economically sensitive names that may yet have more room to run. So what are managers buying these days? Read on to find out. Tile and Telecom Catch Westcore Manager's Attention Westcore Midco Growth (Nasdaq:WTMGX - News) manager Todger Anderson has compiled a strong record looking for stocks with competitive advantages, sustainable sales growth, and increasing market share. He's also conscious of valuations--Anderson looks for stocks trading below his estimate of their intrinsic worth. One of his favorites is Mohawk Industries (NYSE:MHK - News), which has been in the fund's portfolio for more than two years. Anderson believes the flooring distributor's product lineup and distribution are superior for its industry. He has also hung on to UTStarcom (NasdaqNM:UTSI - News), despite the stock's slide in 2004. He argues the communications equipment provider is attractively valued considering its position in the growing Chinese telecom market. Semiconductors May Benefit from Tech Blue Chips Turner Mid-Cap Growth Fund (Nasdaq:TMGFX - News) is no shrinking violet. Manager Chris McHugh keeps the portfolio's sector weightings in line with the Russell Midcap Growth Index, a fairly aggressive benchmark. And like all Turner managers, McHugh looks for stocks with accelerating earnings growth and upward price momentum. That means the fund often owns the raciest tech names with the highest expectations, such as Lam Research (NasdaqNM:LRCX - News), Cymer (NasdaqNM:CYMI - News), and FormFactor (NasdaqNM:FORM - News). While those semiconductor equipment firms enjoyed a bounce in 2003, McHugh believes they will benefit from increasing spending from blue-chip semiconductor companies like Intel (NasdaqNM:INTC - News). Will Resurgent Japan Want More Little Blue Boxes? Roy and Rose Papp, managers of tiny but highly successful Pioneer Papp Small and Mid Cap Growth (Nasdaq:PAPPX - News), owe their strong record in part to their avoidance of the speculative fare that sank many of their rivals in the bear market. The Papps look for small- and mid-cap companies with healthy growth rates, but they also want to see a history of profitability and strong balance sheets. They are fans of Tiffany (NYSE:TIF - News), the jewelry retailer best known for its little blue box. The Papps believe the company is well poised to benefit from the improving Japanese economy.