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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (41244)	6/2/2004 10:53:17 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69233

07:23 Smith Barney initiates coverage on semi equipment group Smith Barney initiates coverage on the Semiconductor Equipment sector; firm says their analysis suggests that chipmakers' capacity utilization will peak for the cycle in Q2, and therefore most equipment stocks have likely peaked for the cycle on an absolute basis; however, they believe that this cyclical top will not fully play out until mid-2005. With many equipment stocks already down 25-30% or more from recent peaks, firm likes a defensive strategy that focuses long positions on names that exhibit some combination of fundamentals that will hold up longer into the top of the cycle, attractive valuation, and/or co-specific drivers that make consensus ests too low. Firm is thus steering investors to stocks like DPMI, LRCX, and WFR. Firm upgrades WFR to Buy from Hold, upgrades AMKR to Hold from Sell, downgrades TER to Sell from Hold, downgrades AMAT and NVLS to Hold from Buy, initiates LRCX and DPMI with Buys, and initiates BRKS with a Sell.