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To: Andrew Vance who wrote (14681)	7/8/1998 2:59:00 PM
From: Andrew Vance	Read Replies (1) \| Respond to of 17305

AV--Just for the record, VECO became a very good day trade for me today. I got greater than a 10% return on this baby this week and am content to put this under my belt. We are in the midst of a slight positive rally in the techs with both AMAT and KLAC not really benefiting. My thought is that the KLAC temporary mini recovery is out of kilter with the rest of the stocks and that we should see it make its move for 10% over the next few days. I am going to try to take KLAC for a small ride of 10-15% over the net few days. Why not AMAT??? Well, Applied estimates reduced Applied Materials Inc. (AMAT) lost ground after Bankers Trust Alex. Brown analyst Byron Walker lowered his earnings estimates for the company. Walker said the chip equipment industry has seen a slowdown in the last four weeks, due to drastic cuts from Intel and Taiwanese companies. Walker expects Applied to engage in additional cost-cutting measures to combat the weakening order picture. Walker slashed his third-quarter estimate to 17 cents from 23 cents, fourth quarter to 10 cents from 24 cents, fiscal year 1998 to $1.16 from $1.36 and fiscal 1999 to 97 cents from $1.54. Shares fell 1 to 30 3/8. BTW-Byron is a recent defector from another technology brokerage/investment house. Why dump VECO on a day trade?? Well, Veeco posts warning Veeco Instruments Inc. said it will fall short of analysts' second-quarter estimates. The chip equipment maker expects to earn 22 to 24 cents a share, compared to analysts' consensus estimate of 33 cents. Veeco (VECO) cited weak data-storage and semiconductor market conditions for the shortfall. Shares rose 2 to 24 3/4. A little over exuberance possibly in light of the announcement that they think this year will be flat over last year. That may turn out to be a great position to be in when you consider what everyone else might be facing. "Take profits when presented". And they look to have been presented today. Andrew

To: Andrew Vance who wrote (14681)	7/8/1998 4:23:00 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 17305

These last few days decline are just the prelude to a NSCP like crash IMO. Once down, they'll probably remain there for 12+ months. Then I may consider buying, but probably not. What exactly people see in these businesses I have no idea. Growing a business at 70% a year is fine, but profits must be part of the picture and currently they are not. Most of the online retailers will have to sell books, tapes etc at very steep discounts b/c of the stiff competition from other web based retailers, which has me wondering why they are being priced as though they can charge premiums ad infinitum. Personally, I won't go near them, long or short. BK