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

To: 16yearcycle who wrote (20048)	6/9/1998 3:02:00 PM
From: Teri Skogerboe	Respond to of 70976

this is snipped from the 10-Q for the quarter ending Jan '98... Cash flows from investing activities: Capital expenditures, net of retirements (152,636) (30,665) Cash paid for licensed technology (32,227) -- Cash paid for acquisitions, net of cash acquired -- (246,365) Proceeds from sales of short-term investments 252,429 83,976 Purchases of short-term investments (228,030) (147,313)

To: 16yearcycle who wrote (20048)	6/9/1998 4:21:00 PM
From: Justa Werkenstiff	Read Replies (1) \| Respond to of 70976

Well, the market seems to have discounted whatever (if anything) it was discounting with respect to KLAC. All big cap semi equipments on the rebound today. This pattern is consistent with what happened in March going into the end of the second quarter. In fact, if this pattern holds true AMAT will linger and drift higher as the month goes on and there will be a rally in the beginning of July in this sector as new institutions look to catch any rebound. Days to cover short interest has increased in these stocks recently mainly do to the lower volume but this gives a backdrop to a rally in any event. If this scenario holds true, potential buyers at lower levels than the recent lows in these companies will then have to wait at least until their predicted and oft stated earnings disasters hit the street in order to get their wish, if at all, as there is nobody expecting stellar earnings in this sector and bearishness is rampant. Pre-announcements could disrupt this scenario. ALL FWIW.