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To: DJBEINO who wrote (3863)	8/30/1998 8:23:00 AM
From: MoonBrother	Respond to of 9582

09:07pm EDT 28-Aug-98 Montgomery Securities (J. Joseph 415 627-2925) MU INTC AM DRAM & Microprocessor Pricing Update NATIONSBANC MONTGOMERY*NATIONSBANC MONTGOMERY*NATIONSBANC MONTGOMERY DRAM AND MICROPROCESSOR PRICING UPDATE August 28, 1998 SEMICONDUCTORS Jonathan Joseph (415) 627-2925 Claude Hazan (415) 627-2845 DRAM pricing stable at higher levels. Despite the weak semiconductor tape late last week, broad DRAM broker input improved slightly at the end of the week, following a week of more lackluster interest. Buyers, who had taken a breather two weeks ago when prices spiked up, began to return to the market bidding 64Mbs up from about $9.50 to $9.75. One widely watched source, American IC Exchange, who has been at the high end recorded a 3% price increase for 64Mb PC-100 (100MHz) to $10.39 while 64Mb PC-66s fell 3% to $9.68. In the last six weeks 16Mb PC-66 prices have risen 38% while 64Mb PC-66 prices are up about 22%. Seasonally, we would expect September to be a better month as Micron begins a new fiscal year and Christmas buying becomes more serious. We continue to get indications that PC demand remains solid entering September. We retain our BUY rating on Micron (MU, $24-3/8, BUY), particularly following the recent pullback to the mid-$20s. Recent PC-66 DRAM Pricing 16 Mb 64 Mb 4Mx4 EDO 2Mx8 SDRAM 4Mx16 EDO 8Mx8 SDRAM Price % Change Price % Change Price % Change Price % Change 6/19/98 $1.55 Flat $1.49 Flat $9.23 +5% $8.64 +4% 6/26/98 $1.50 -3% $1.53 +3% $8.78 -5% $8.27 -4% 7/6/98 $1.44 -4% $1.44 -6% $8.98 +2% $8.11 -2% 7/10/98 $1.44 Flat $1.44 Flat $8.81 -2% $7.98 -2% 7/17/98 $1.44 Flat $1.44 Flat $8.60 -2% $7.88 -1% 7/24/98 $1.44 Flat $1.44 Flat $8.45 -2% $7.83 -1% 7/31/98 $1.49 +4% $1.78 +24% $8.64 +2% $8.68 +11% 8/7/98 $1.65 +11% $1.78 Flat $8.64 Flat $9.13 +5% 8/14/98 $1.88 +14% $2.15 +21% $8.64 Flat $9.91 +9% 8/21/98 $1.80 -4% $2.12 -1% $8.69 +1% $9.89 -0.2% 8/28/98 $1.78 -1% $1.99 -6% $8.69 Flat $9.58 -3% Source: NationsBanc Montgomery Securities LLC, American IC Exchange. Recent PC-100 DRAM Pricing - 64Mb 8Mx8 SDRAM 16Mx4 SDRAM 4Mx16 SDRAM Price % Change Price % Change Price % Change 7/31/98 $9.59 Flat $9.80 Flat 8/7/98 $9.69 1% $9.80 Flat 8/14/98 $10.00 +3% $9.95 +2% $9.31 8/21/98 $10.09 +1% $10.75 +8% $9.54 +3% 8/28/98 $10.39 +3% $10.75 Flat $10.14 +6% Source: NationsBanc Montgomery Securities LLC, American IC Exchange.

To: DJBEINO who wrote (3863)	8/30/1998 8:28:00 AM
From: MoonBrother	Read Replies (3) \| Respond to of 9582

Hopefully we can see a calmer market next week. At least at this moment, GLOBEX's future contract indication supports this hope. Let's all pray for that. -MB --------------------------------------------------------------------- GLOBEX PRICES AS OF 08/28/98 03:23 PM TRADE DATE: 08/28/98 CONTRACT LAST NET CHGE CONTRACT LAST NET CHGE S&P 500 SEP98 1046.00 +1000 EURO $ SEP98 94.407 +2.5 E-MINI SEP98 1032.75 -325 DEC98 94.575 +3.5 DEC98 1042.00 -475 MAR99 94.74 +4.5 NSDQ100 SEP98 1321.00 +1700 JUN99 94.74 +3.5 GSCI SEP98 139.70P ---- SEP99 94.74B +5 DEC99 94.56 +3.5

To: DJBEINO who wrote (3863)	8/30/1998 8:56:00 PM
From: Norrin Radd	Read Replies (1) \| Respond to of 9582

DJ, This is good to read, after 2-3 years of glut though, it's hard to believe the good news. Let's hope it continues and that the supply of DRAM and SRAM just continues to get tighter over the next couple of years. I must say, we've sure seen plenty of evidence of the reduction in expansion plans and the total abandonment of DRAM mfg. in some cases. It's very interesting to me that the up/down volume ratio for ALSC stands at 1.1, headed up in the past few weeks. The one thing that is hard to hide is volume.....definitely some stealth buying going on lately. This week should be very interesting for the markets in general.