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To: ET who wrote (1976)	12/31/1997 10:57:00 PM
From: Stitch	Respond to of 9256

ET, Many thanks, very interesting article on Veeco and Livermore. best, Stitch

To: ET who wrote (1976)	1/1/1998 1:53:00 PM
From: T Bowl	Respond to of 9256

New Year's resolution #2. Never Question the low PEs of the DD sector again. FWIW, next time anyone says ANYTHING about the low PEs of the sector.. Here it is - Before and After this mess - earnings expectations for the "next" FY: Company/Start of Q/Current/Change(%) STMD $0.45 ($0.06) --- WDC $4.81 $1.05 -78 SEG $3.89 $1.69 -57 HTCH $3.14 $1.43 -54 RDRT $3.87 $2.61 -33 QNTM $3.23 $2.54 -21 VECO $2.45 $2.06 -16 IVAC $1.04 $0.94 -10 KMAG $1.25 $1.15 -8 INVX $2.66 $2.48 -7 HMTT $1.86 $1.76 -5 ZIGO $1.80 $1.80 0 Well. There you go. Before this turmoil was discovered WDC was forecast to earn $1.05 in the DecQ97. Now they are forecast to make $1.05 in 1999(for the whole year). WDC may be an extreme case, but I sure bit into the exuberance! Are the ANALysts wrong? Who knows. But I resolve to never question the low PEs again. todd