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

To: Ian@SI who wrote (20794)	6/25/1998 10:33:00 AM
From: marc henschke	Read Replies (1) \| Respond to of 70976

Ian and all: The interview with Morgan was slightly more positive than you have suggested. Morgan indicated that he anticipates selective buying from the Japanese over the next six months, and further stated that, if the macroeconomic situation remains stable from here, he expects business to begin picking up again "early" next year. Perhaps importantly, despite being given the chance, Morgan declined to endorse the theory that no recovery could be expected until the second half of 1999.

To: Ian@SI who wrote (20794)	6/25/1998 3:47:00 PM
From: mauser96	Respond to of 70976

My main take on the interview is that his crystal ball about the length and depth of the depression in the semiconductor industry is just as clouded as ours. The stock market dislikes uncertainty, so until the issue is more clear, any rise in AMAT is likely to be muted. I will hold my stock as long as the relative strength compared to the rest of NASDAQ is OK. In the real long term AMAT dominates an industry necessary for the future, but further declines of the stock over the next 6 to 9 months are possible. A lack of positive response to the CEO interview isn't encouraging.