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To: vinh pham who wrote (466)	10/8/1998 11:14:00 AM
From: Mark Oliver	Respond to of 723

Yes, the lawsuit still has to go to more stages before we know what benefits will come. A jury in the end will decide the penalty. I doubt they will bankrupt the company, so you have to wonder how much GS could pay. I just read an interesting article about the use of masks to delay capital equipment purchases. This could work for the front end, but it won't change the fact that if dimensions shrink on DRAM, they need new equipment for yield repair. If you don't know her, Katherine makes very interesting comments. Regards, Mark To: Andrew Dobson (7091 ) From: Katherine Derbyshire Wednesday, Oct 7 1998 3:57PM ET Reply # of 7107 Photomask companies are actually doing pretty well now, relatively speaking. They'll also benefit from added utilization. DUV laser companies are tied to stepper purchases, so they won't pick up until exposure tools do. Switching from i-line to DUV is pretty complicated, requiring all kinds of new gas lines, resist processing systems, and environmental controls. You'll see some upgrades, but the big DUV boom won't happen until new construction picks up. Lead time for exposure tools is pretty long, though, so orders might pick up before other process tools do. As a paper at the BACUS photomask symposium explained it, people who can't afford to buy steppers spend lots of money on masks in order to shrink with existing equipment. People who can afford steppers upgrade the exposure tool, simplifying the mask. (Besides being cheaper, a simpler mask has a shorter lead time.) That makes high end masks, especially phase shift, somewhat counter-cyclical. More details at news.semiconductoronline.com Katherine

To: vinh pham who wrote (466)	10/12/1998 11:49:00 AM
From: Mark Oliver	Respond to of 723

Applied Materials (AMAT-NNM) by Morgan Stanley Dean Witter (25, Sept. 23) Outperform. We continue to expect an early-1999 bookings recovery with improved quantity demand for leading-edge technology followed by a mid-1999 sequential revenue recovery. Therefore, assuming momentum builds into the millennium, our initial fiscal 2000 EPS estimate is $1.85 and our initial calendar 2000 estimate is $2. Also, Novellus reported today beating estimates. The group is up today, and ESIO is lagging. I'm hoping they'll pick up later as they often do. Trading below book and still showing a profit. Probably means book will stay fairly solid. We may still see lows like last week if fear overtakes the market. Still, if Japan can get stable, and the yen holds strength I think it bodes well for ESI. Regards, Mark

To: vinh pham who wrote (466)	10/19/1998 10:12:00 AM
From: Mark Oliver	Respond to of 723

Samsung resumes capacity expansion in Austin for DRAM. ebnews.com Looks like the Rambus DRAM may stimulate a little change also, but this product can be made on normal production lines. Regards, Mark

To: vinh pham who wrote (466)	10/20/1998 1:49:00 PM
From: Mark Oliver	Read Replies (1) \| Respond to of 723

Vinh, weak BTB, but a little improvement in back end sales. They are saying,"Can this be the bottom?" exchange2000.com "A hint of good news is hidden in the back-end equipment data. Three month average order levels for back end equipment edged up four percent. Another uptick in October may be a leading indicator." I also note the recent investment by Intel in Micron as a sign of strength. They have provided some cash to put into place equipment needed in fabs acquired from TI. They also push the Rambus DRAM, which won't necessarily require new yield repair equipment versus other DRAM types, but they also imply building higher end chips which do require at least higher end repair. If you had to characterise Micron's buying pattern with ESI, would you say this is going to help ESI. It would seem so to me, especially if there is no chance of General Scanning getting any sales here. Anyway, maybe there isn't reason for this stock to trade under book. Things are not that bad. I bought some March 15 calls and I'm up 100% so far. That is nice. Now, do I take the profit, or hold on for more? What's you ar term target and your fears? Regards, Mark