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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Teri Skogerboe who wrote (17913)	3/19/1998 7:56:00 PM
From: Steve Rolfe	Respond to of 70976

Teri, You can say this about the lows as well... Steve

To: Teri Skogerboe who wrote (17913)	3/19/1998 8:18:00 PM
From: Proud_Infidel	Respond to of 70976

re: Were the highs even rational? IMO, they were not. Teri, We were on track to earn ~$2.40 this year or even higher. Last qtr.4 would amount to $2.08 and that is w/o any* growth QOQ. AMAT was trading at ~26X FY98 eps using these #'s. Is that excessive in a non-inflation, low interest rate environment? IMHO, definitely not. And as seeing that we are on the verge of implementing new technologies(300mm, Cu etc) on a historically large scale, my answer again would be definitely not(overvalued). And we are still on the verge of this migration, yet are trading at ~1/2 of what we were last summer. The migration will occur, of that nobody is questioning, the question is when? When semis have a history of extremely weak RS, at some time this creates immense value once the picture changes in the slightest. This is a time to be buying w/o thinking IMO since over-analyzing could drive one crazy w/ all of the unknowns out there. The one known: the upgrade will occur sometime w/in the next 2-3 years. Regards, Brian