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To: Patrick Slevin who wrote (10297)	12/11/1997 1:54:00 PM
From: Trader X	Read Replies (2) \| Respond to of 17305

DOWNGRADES! My, how the mighty have fallen. Merrill Lynch & Co. analyst Robert Stern lowered his intermediate-term rating to neutral from accumulate on VEECO INSTRUMENTS (down 6-7/8 at 28-1/4 @ 12:10 p.m. ET). The analyst reduced his intermediate-term rating on CREDENCE SYSTEMS (down 4-3/8 at 20-3/8) to neutral from buy and his long-term rating to accumulate from buy. Stern also lowered his long-term rating on LAM RESEARCH (off 4 at 27-1/8) and ULTRATECH STEPPER (down 2-5/8 at 20-5/16) to accumulate from buy, while keeping his intermediate-term neutral rating. ***

To: Patrick Slevin who wrote (10297)	12/11/1997 2:29:00 PM
From: Trader X	Read Replies (2) \| Respond to of 17305

re: AMAT. I agree that the next vital support level is near $20. quote.yahoo.com $20 is where AMAT broke out from after the last major correction. It should hold there on this correction. I think we could see a bounce back to near $30 before then, though...a relief rally for investors to unload at prices higher than todays. I'd hold off on selling today, and sell into any rallys in the next week or two. Ditto on any and all other semi/equip/tech stocks. -Kevin