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To: dougjn who wrote (15169)	9/17/1998 10:34:00 PM
From: SKIP PAUL	Respond to of 152472

Jon Joseph IMO is one of the best semiconductor analysts around. Thursday September 17, 3:20 pm Eastern Time Semi industry poised to rebound in 1999-analyst SAN FRANCISCO, Sept 17 (Reuters) - The semiconductor industry -- in the grips of one of its worst downturns ever -- is starting to see the bottom of the slump and is poised for a rebound in 1999, according to a NationsBanc Montgomery Securities analyst. ''We think the industry is beginning to form a bottom,'' said NationsBanc Montgomery semiconductor analyst Jonathan Joseph. ''We see microprocessors leading the recovery.'' For a recovery to occur, the personal computer industry needs to continue to grow, since 54 percent of all semiconductors are used in manufacturing PCs, Joseph said. Meanwhile, the communications industry must continue its roll-out of new telecommunications equipment, such as digital wireless handsets, which have been selling briskly, and semiconductor-based networking system software. In addition, for a solid recovery to take place, the worldwide excess semiconductor manufacturing capacity must be absorbed, while leading-edge manufacturers must continue with their announced plans to convert their production facilities to the next generation manufacturing standard of 0.18 micron. Joseph's stock recommendations among semiconductor manufacturers include Intel Corp. (Nasdaq:INTC - news), Micron Technology Inc. (NYSE:MU - news) and Texas Instruments Inc. (NYSE:TXN - news). In the semiconductor capital equipment industry, analyst Brett Hodess is forecasting an industry turnaround during the second half of 1999. He said manufacturers offering new technological advancements will lead the way and his recommended stocks include Photronics Inc. (Nasdaq:PLAB - news), Dupont Photomask Inc. (Nasdaq:DPMI - news), Applied Materials Inc. (Nasdaq:AMAT - news), Novellus Systems Inc. (Nasdaq:NVLS - news) Teradyne Inc. (NYSE:TER - news), Veeco Instruments Inc. (Nasdaq:VECO - news) and Ultratech Stepper Inc. (Nasdaq:UTEK - news).