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To: Ajay Nandanwar who wrote (27004)	1/23/1998 2:12:00 AM
From: MR. PANAMA (I am a PLAYER)	Read Replies (1) \| Respond to of 53903

Ajay...believe me Bro he has been F65&6&^&*& wrong...where have you been...The stock is really listening to him...on Grandiose and Destructive comments it will react fer a day or two... Gotta be lotsa Incensed ML guys....

To: Ajay Nandanwar who wrote (27004)	1/23/1998 3:23:00 AM
From: John Graybill	Respond to of 53903

>>any history that he was wrong? HAHAHA he downgraded it at the 52-week low!

To: Ajay Nandanwar who wrote (27004)	1/23/1998 9:07:00 AM
From: Thomas G. Busillo	Respond to of 53903

Ajay, he's a top-down analyst who believes the chip sector moves in cycles. From what I've read, he believes the "momentum" in the sector is gone and we're looking at a flat 98 in terms of revs. I'd argue that A) there are always winners and losers in every cycle B) the fragementation in the sector makes that kind of analysis less useful than bottom-up. He lowered his short-term rating on MU after he helped it reach his "price target" of 55-60 by making an absolutely horrific sector call on 8/6/97 (calling for 20% upside in chip stocks and stating in a Merrill research comment that "the best of all hoped for scenarios is developing for the 4Q for the semiconductor stocks..."). Then he had it as a L-T accumulate all the way down to 21 5/8 and lowered that to a neutral after their latest report. The FACT that Kurlak and all his defenders can't dodge is that at present that L-T change flat out sucks. The stock is up low-to-high over 50% from that call. To be fair to TK, I also find that rise a little looney myself, but the market's apparently giving A LOT of credence (arguably early) to the hypothesis that the Korean crisis will benefit the memory chip industry down the road. Good trading, Tom