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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: akidron who wrote (11276)	11/17/1997 2:59:00 PM
From: Henry Eichorszt	Respond to of 70976

TO ALL:ON THE TRADING DESK: WHAT TECH CORRECTION? ÿ DAILY SCREEN How Many Lawyers Does It Take to Make an HMO? PUNDIT NEWS Byron Gets Bullish CONSUMER ACTION Mortgage Report DUELING PORTFOLIOS Howard Is Diving Back in FUND NEWS Dodging Bullets MARKET INSIDER Wild Bill's Smoky Opener On the Trading Desk: What Tech Correction? SmartMoney Gainers & Losers Comdex Preview: Expect the Unexpected ARCHIVE Complete Five-Day View WHAT TECH CORRECTION? This morning tech sectors from computer hardware to chips are trading higher, and the October tech correction seems a distant memory. Among today's winners: Applied Materials (AMAT) and Novellus (NVLS). The shares of these semiconductor equipment makers rallied following reports that IBM will announce construction of a $700 million advanced computer chip equipment facility in upstate New York. According to the early buzz, IBM intends to begin producing chips using the very technology that Novellus has been perfecting -- a larger 12-inch silicon wafer that is more productive than previous technologies. "Traders are taking it (the rumored IBM facility) as a positive sign of capital investment for 1998," says Lehman Brothers analyst Ed White. The rally even extended across technology sectors, with badly beaten Micron Technology (MU) trading higher today. Tech bellweather Intel ( INTC) rose as did computer hardware manufacturers like Dell Computer ( DELL). "The whole tech sector is really hot today," says Mark Fitzgerald, an analyst at UBS Securities, who said the rally was helping stocks that had fallen as much as 40% from their peaks. One example: Seagate Technology (SEG), the ailing disk drive maker, which rose 1.2% higher to 25 13/16. "A lot of people are out there trying to bottom fish." Michael Driscoll, a trader at Hambrect & Quist, attributed some of the tech sector's strength to Comdex, the annual tech conference held in Las Vegas this week. "We expect nothing but positives to be coming out of that," he says. "It'll be a good environment for tech stocks at least over the next couple of days." -- By Stephanie Overby << SMI MARKET NEWS ARCHIVE