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

To: Proud_Infidel who wrote (19276)	5/11/1998 5:54:00 PM
From: Proud_Infidel	Read Replies (2) \| Respond to of 70976

CC Playback #: 1-800-633-8284 Access #: 4190444

To: Proud_Infidel who wrote (19276)	5/12/1998 5:48:00 PM
From: Jacob Snyder	Respond to of 70976

re: 50 by July: My prediction for the 1998 high has already been reached (40), and I've seen nothing to change my mind. Today's news contains no hint of when they think the downturn will end. Earnings projections for 1998, and probably for 1999 as well, will be cut (again), based on what the company just said. You will have to recalculate your PEs based on forward earnings (again). Nothing positive said about the future. I'll be listening carefully for anything optimistic said about 1999 in the conference call, but I don't expect to hear it. If, as the Watkins-Johnson executive said, the upturn doesn't happen until the second half of 1999, then we'll see P/S of 2 soon for AMAT, a retest of the 12/97 lows, just in time for me to buy a lot of 2001 LEAPs.