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Technology Stocks : FSII - The Worst is Over? -- Ignore unavailable to you. Want to Upgrade?

To: H James Morris who wrote (2263)	10/3/1998 9:40:00 PM
From: Mark Adams	Read Replies (1) \| Respond to of 2754

Likely companies that aren't saddled with debt and are still cash flow positive today. Things are looking bad enough to make this an interesting time to invest; yet like many here I've already invested some in the sector. Question is, keep the powder dry for tomorrow, or risk sitting on the sidelines when things are even cheaper? (classic deflationary attitude)

To: H James Morris who wrote (2263)	10/4/1998 9:25:00 AM
From: Joe Dancy	Respond to of 2754

Interesting that one of the guys I play hockey with - an auto mechanic - quit his job since he's made so much money intesting in Internet stocks. I still can't "pull the trigger" on companies selling at those multiples of price to sales, much less price to earnings. Have to admit you have been right though - and even Barron's mentioned some seer saying that when someone predicted some stocks would take a hit a few months ago he would not have guessed it would be financial stocks, he would have picked the high flying Internet stocks. But they ramble on. I did add to my position in Photronics this week on margin (PLAB) - but may have to wait a few years to see any return. Consolidation will happen sooner or later, or a recovery. Maybe both. Then we will see value come out. Joe

To: H James Morris who wrote (2263)	10/4/1998 2:46:00 PM
From: Donald Wennerstrom	Read Replies (2) \| Respond to of 2754

Well, James, the values in this sector keep getting better all the time, but the price of the group keeps going down. The last post on the PSR and PBR numbers for the group was posted on 1 September, Post 2193. At that time, the PSR of the group was 1.03 and the PBR was 1.34. There has been further downward movement, although quite small, in the interim. Below is the updated table. There are still 21 of the stocks selling for less than a PBR of 1. The PSR is now 1.01 and the PBR is 1.31. PSR is based on TTM sales. 10/02/98 CLOSE 12 MONS SYMBOL COMPANY PRICE PSR PBR ASEC Aseco 1.16 0.10 0.19 WFR MEMC Electronic Materials 3.88 0.17 0.32 SVGI Silicon Valley Group 7.94 0.39 0.44 TGAL Tegal 2.00 0.54 0.51 LTXX LTX 1.91 0.34 0.52 AFLX Adflex Solutions 3.00 0.13 0.52 FSII FSI International 5.28 0.48 0.55 ASYT Asyst Technologies 6.88 0.52 0.63 WJ Watkins Johnson 17.63 0.64 0.66 SFAM SpeedFAM 12.50 1.20 0.70 CFMT CFM Technologies 7.25 1.26 0.70 LRCX Lam Research 9.69 0.35 0.71 SFLX Smartflex Systems 5.56 0.28 0.71 GSNX Gasonics 4.00 0.49 0.72 IMSC Integrated Measurement Systems 5.88 1.12 0.75 BRKS Brooks Automation 9.63 1.00 0.75 MTSN Mattson Technology 3.38 0.60 0.76 EGLS Electroglas 8.13 1.05 0.83 MICN Micrion 6.50 0.48 0.89 SMTL Semitool 5.88 0.41 0.93 KLIC Kulicke & Soffa Industries 12.94 0.62 0.99 COHU Cohu 16.81 0.74 1.17 MASK Align-Rite International 10.38 0.93 1.17 PHTN Photon Dynamics 2.94 0.87 1.19 UTEK Ultratech Stepper 14.63 2.55 1.23 DPMI Dupont Photomasks 21.00 1.18 1.27 IPEC Integrated Process Equipment 7.06 0.67 1.32 TER Teradyne 17.50 0.94 1.43 CMOS Credence Systems 12.88 1.06 1.55 PLAB Photronics 12.75 1.38 1.55 KLAC KLA Instruments 22.63 1.69 1.65 NANO Nanometrics 6.75 1.43 1.91 PRIA Pri Automation 11.56 1.28 1.94 ATMI ATMI Inc 12.88 2.11 2.02 CYMI Cymer 9.00 1.17 2.04 ETEC Etec System 22.44 1.72 2.14 NVLS Novellus Systems 22.88 1.25 2.27 HELX Helix Technology 9.00 1.65 2.68 AMAT Applied Materials 23.94 1.89 2.70 VECO Veeco Instruments 28.13 2.31 4.17 ASMLF ASM Lithography Holdings 15.63 2.43 4.53 TOTALS 441.80 1.01 1.31