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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (15150)	5/31/2005 2:51:29 PM
From: matt dillabough	Read Replies (1) \| Respond to of 25522

NVLS Novellus: We remain cautious as PVD momentum appears to be slowing - TWP (26.98 +1.06) -Update- Thomas Weisel notes that NVLS raised Q2 guidance this morning. While the co's update leaves firm incrementally more positive on the near-term outlook for industry equipment orders and for the margin structure at NVLS, they remain cautious on the prospects for a strong 2H05 second wind in industry fundamentals. Firm expects a more gradual recovery in equipment orders beginning in 1H06, and they remain somewhat cautious on the near-term relative growth outlook for NVLS, as their checks suggest the co faces slowing improvement in its PVD business (where it competes against AMAT). Also, at the same time the co appears to face near-term challenges with its struggling CMP franchise.