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To: bob zagorin who wrote (23727)	3/18/2005 9:29:33 AM
From: Bill Harmond	Respond to of 57684

:58 Moors and Cabot comments on SEMI book to bill numbers Moors and Cabot noting generally book-to-bill release is not a catalyst for semi equipment stocks as it is backward looking data. However, the firm notes that the book-to-bill ratio as well as orders seems to have bottomed and is likely to see improvement going forward, which could be a positive catalyst for our semi equipment universe. The firm believes risk/reward profile for its buy rated stocks (AMAT, ASML, CYMI, KLAC, LRCX, NVLS) are attractive due to the following: 1) chip unit growth rates trailing end-market growth rate, 2) equipment order rates have bottomed, 3) DRAM prices near bottom with significant DDRII transition a few months away, and 4) many semi equipment stocks near trough multiples.