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To: Return to Sender who wrote (9264)	8/26/2004 5:05:31 PM
From: Nancy	Read Replies (1) \| Respond to of 13403

A collective breadth of relief, if you would. That is how "body language" works for you. 16:53 NVLS Novellus Q3 mid-quarter call update II (24.65 -0.49) Management notes push out is primarily customers in Asia, describes customers as being "cautious". In addition, revenues should be about $412 mln, versus Reuters estimates of $406.7 mln. During Q&A: Management notes it believes "any softening will be relatively temporary" and "If Christmas season is a good one, then we should be back off to the races". The co describes the current customer environment as being a "manageable change". 16:41 NVLS Novellus shares attempting to shake off the push-out commentary (24.65 -0.49) -- Update -- Market was expecting some negative commentary in light of negative news flow down the Semi food chain in recent weeks. In previews of the call, analysts said to focus on the tone. So far, the tone is positive, despite the comments about some push-outs, which was expected to a degree... NVLS rebounds to $24.55 in after hours, as market wrestles with the importance of "tone" (which is positive) and "guidance" (which was negative, but not overwhelmingly so). At this moment, tone is winning. 16:34 NVLS Novellus Q3 mid-quarter call update (25.14 ) On the Novellus Q3 mid-quarter update, management noted the following: business in general is still good, in the last 30 days we have seen some push outs into Q4; shipments will be below guidance due to the pushout.