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To: Skeeter Bug who wrote (29201)	3/2/1998 9:18:00 PM
From: TREND1	Read Replies (2) \| Respond to of 53903

Skeeter Today's rise in MU was just bears covering ! The rest of the High Techs now represent better shorting. Here ! Let me ask again ! Is there one Bull out there that bought MU for the long term today ? Come on ! Skeeter just needs one bull. Larry Dudash

To: Skeeter Bug who wrote (29201)	3/2/1998 11:08:00 PM
From: julian hatfield	Read Replies (6) \| Respond to of 53903

Skeeter and All Earnings Watchers, This TER warning is interesting in its implications. A few months back, MU mgmt was guiding analysts lower due to a testing bottleneck, which arose presumably due to the added production volume. The spin then went on that testing equipment was in short supply and that companies like TER had their production on allocation, with availability going to preferred customers. Now we hear via this warning that MU has in effect not taken any delivery of this much-needed equipment. Could it be that independently of DRAM pricing, SEA cutbacks, capitol hill hearings on IMF, Commerce Dept. announcements on tariffs, the Goldman promotion machine, and the rest of the soap-opera-inspired tribulations of the past few months, that MU has spent the last quarter unable to extract many finished goods out of the manufacturing pipeline? If that is the case, it stands to reason that the output growth this quarter would be near-nil, that cost declines per unit would be near-nil (to lower costs per unit, they 've been heretofore relying on unit growth) and that their operating earnings would be very highly correlated to finished goods prices (more so than most quarters of the recent past since the quarter to quarter pattern of progressively lower costs and progressively higher finished goods output would in effect be neutralized this quarter). Thoughts anyone? Any other implications? and to those of you who maintain models of MU's Income Statement, what results do you get when this scenario is taken into consideration? J.