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To: sam dram who wrote (36684)	7/29/1998 11:09:00 PM
From: DavidG	Respond to of 53903

Sam, Now you are getting silly. If they have $80 billion in revenues and most of it is not in DRAM, why on earth would they want to make even 1 DRAM chip and lose money? Do they need a writeoff or something? I think they would do like TXN and pay somebody to take their DRAM over and work on their non-DRAM products. DavidG

To: sam dram who wrote (36684)	7/29/1998 11:22:00 PM
From: phbolton	Respond to of 53903

Lehman's analysis includes: (1) they predict MU will lose money in 1998 and in 1999 and at the $37 target will have a PE of 18 in 2000 if they make the predicted $2 in 2000 (this is worth a buy recommendation??? now consider the discounted value of this investment....) (2) they predict PC100 64Mb will be $9.00 in July 1999 what is gumport drinking/smoking? If they lose money with PC100 at $9.00 in mid-1999 what will be they be doing when its $5, or less, (which is a more realistic estimate IMHO) (3) he might have noticed that PC100 prices dropped 30-40% or so in may and that might have caused the slow down in shipments in june (4) geez, this is passed off as securities analysis? oh yeah, their "book value" contains "assets" like Lehi and "tons and tons" of inventory