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To: Gersh Avery who wrote (54693)	4/28/1998 12:55:00 PM
From: Joey Smith	Read Replies (2) \| Respond to of 186894

Kurlack posting more gloom & doom about semis today: Dim chip outlook Merrill Lynch issued a reminder that all is not well with the semiconductor industry. Analyst Thomas Kurlak said the industry downcycle has progressed to layoffs and order cancellations as a result of overproduction, and chip prices are eroding in every end market. Kurlak believes that in this deteriorating environment, further inventory reduction is likely for chip suppliers as well as the capital equipment makers. A research report from Dataquest reinforced Kurlak's comments, as the firm said the Asian financial crisis, low memory prices and general overcapacity and pricing pressure will hamper semiconductor growth this year. Dataquest said 1998 will be the third consecutive year in which the industry grows less than 10 percent.