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Technology Stocks : FSII - The Worst is Over? -- Ignore unavailable to you. Want to Upgrade?

To: Donald Wennerstrom who wrote (1611)	11/29/1997 12:05:00 PM
From: Donald Wennerstrom	Read Replies (2) \| Respond to of 2754

The following is the results for the week just past. The semi-equips had another downward movement. 11/21/97 11/28/97 CLOSE CLOSE PERCENT SYMBOL COMPANY PRICE PRICE CHANGE IMSC Integrated Measurement Systems 16.75 18.25 9 HELX Helix Technology 22.81 23.56 3 PLAB Phototronics 46.38 47.75 3 ASYT Asyst Technologies 30.06 30.81 2 WFR MEMC Electronic Materials 17.88 18.06 1 SUBM Submicron Systems 3.00 3.03 1 WJ Watkins Johnson 31.25 31.25 0 BRKS Brooks Automation 21.63 21.25 -2 TGAL Tegal 7.38 7.25 -2 MICN Micrion 22.38 21.81 -3 FSII FSI International 15.63 15.19 -3 SMTL Semitool 16.00 15.50 -3 EGLS Electroglas 19.75 19.00 -4 PHTN Photon Dynamics 4.56 4.38 -4 ETEC Etec System 48.00 45.75 -5 CFMT CFM Technologies 19.50 18.50 -5 TRKN Trikon Technologies 2.25 2.13 -5 UTEK Ultratech Stepper 26.13 24.63 -6 IPEC Integrated Process Equipment 23.00 21.50 -7 LRCX Lam Research 32.88 30.63 -7 PRIA Pri Automation 36.75 34.13 -7 COHU Cohu 38.25 35.50 -7 LTXX LTX 6.00 5.56 -7 KLIC Kulicke & Soffa Industries 29.75 27.56 -7 GSNX Gasonics 14.38 13.25 -8 VECO Veeco Instruments 43.38 39.88 -8 MTSN Mattson Technology 10.75 9.88 -8 AMAT Applied Materials 36.38 33.00 -9 GGNS Genus 4.78 4.31 -10 SVGI Silicon Valley Group 26.38 23.75 -10 CMOS Credence Systems 29.94 26.81 -10 TER Teradyne 37.00 32.81 -11 NANO Nanometrics 9.88 8.75 -11 NVLS Novellus Systems 43.00 37.63 -12 KLAC KLA Instruments 44.69 38.75 -13 ASEC Aseco 11.63 10.00 -14 SFAM Speed Family 30.88 25.63 -17 TOTALS 881 827 -6

To: Donald Wennerstrom who wrote (1611)	11/29/1997 12:16:00 PM
From: Donald Wennerstrom	Respond to of 2754

The following is an update on the trend in the "outyear" PE ratio for the sum of the stocks. ZACKS OUTYEAR CLOSING SUM EARNINGS PRICE CLOSING ESTIMATE DATE PRICES AVERAGE 06/06/97 859 16.8 06/13/97 824 16.1 06/20/97 857 16.6 06/27/97 873 16.2 07/04/97 918 17.2 07/11/97 986 18.5 07/18/97 1035 19.5 07/25/97 1073 20.4 08/01/97 1090 20.5 08/08/97 1115 20.7 08/15/97 1125 20.8 08/22/97 1235 22.8 08/29/97 1239 21.2 09/05/97 1268 21.8 09/12/97 1262 23.5 09/19/97 1271 21.3 09/26/97 1252 20.8 10/03/97 1258 21.2 10/10/97 1256 20.3 10/17/97 1076 17.1 10/24/97 936 15.6 10/31/97 889 14.8 11/07/97 914 15.2 11/14/97 865 14.4 11/21/97 881 14.6 11/28/97 827 13.8 The sum of the closing prices this week, 827, is less than any week with the exception of 6/13/97, 824, - they are nearly identical. At that time the PE was 16.1, now it is 13.8. We should be in the region where a new base can be established for better stock prices. Maybe it will begin sometime in December and continue into the new year.

To: Donald Wennerstrom who wrote (1611)	12/1/1997 1:10:00 AM
From: Mark Adams	Read Replies (1) \| Respond to of 2754

Are you sure the 95->97 numbers account for splits? HELX for one split recently...

To: Donald Wennerstrom who wrote (1611)	12/1/1997 12:09:00 PM
From: Kent Sarikaya	Read Replies (1) \| Respond to of 2754

Don, the disparity in the table you so nicley put together from 1995 to 1997 is, all the companies weren't in synch timing wise. They all dipped between that time frame substantially, but some came back sooner than others only to tank again this last drop. This recent drop should give the investors out there looking for their double bottom a smile and now let these stocks move up as they should. I figure December will be slightly positive for techs, but January should really start making us happy. Again, I don't think all the techs will move in synch, but quarter after quarter as more and more companies report positive earnings the momentum should build. I think the ones that came down the hardest will move back up the fastest, while those that sort of held their own the last few months, will start more slowly.