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Technology Stocks : MEMC INT'L. (WFR -NYSE) The Sleeping Giant? -- Ignore unavailable to you. Want to Upgrade?

To: Scotsman who wrote (3607)	7/8/1998 11:42:00 PM
From: hcm1943	Read Replies (1) \| Respond to of 4697

Zeev,why are you comparing WFR to IELSF.If it is a poke at me and my call on WFR lets get back to business. I dont think WFR will rally at all this calender year. Oh maybe to 13 or 14 as some brave people take plunge but with tax selling and nothing to look forward to in the way of earnings we shouldn't see much more than that. As for book value that is nonsense. the major HARD asset WFR has are a few hundred pullers, slicers and polishing equip. so rather than value them at what WFR paid less depreciation why not value them at what a reasonable person would pay for them in a time of weakness, also as earnings go negative and writeoffs occur due to shutdowns and layoffs book value takes a helluva hit. WFRs major competition is in Asia. With the dollar vs Asian currency and the a propencity for the Asian to get market share with "preditory" pricing WFR is in a very precarious position. As I have said before, "DEAD MONEY'

To: Scotsman who wrote (3607)	7/9/1998 11:29:00 AM
From: olduvai5	Read Replies (1) \| Respond to of 4697

Hi Scotsman, Although there has been a slowdown in operations across the board at WFR, they are still committed to the 300mm project, and have actually bent the rules a little to get some needed equipment in despite the clamp on capital spending. This was cleverly done by getting the suppliers to front the equipment against a promise to pay in the future - a practice that is becoming more common throughout the industry. As a side note, this represents an interesting problem for the supplier and the investor. The supplier may or may not book it as future revenue and the investor doesn't know if the stock value is based on real money or IOU's. All part of the fun and excitement of semi equipment investing! I'll be at Semicon through next week and will update you all on what I see, hear and do! olduvai5