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To: Compadre who wrote (2291)	12/18/1998 8:46:00 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 99985

Why did AMAT raise estimates now rather than right after last quarter's earnings? I'd say that's obvious from comments from Intel and capital goods companies like Cymer, even Boeing. All have said that they have no more than 30 days of visibility to their future revenues. More than 30 days out any existing orders can be abruptly cancelled or huge new orders can be added. Not many businesses are willing to commit to far into the future in this environment. The slow-down in Asia etc is part of the problem, as is credit availability, but the world economy is basically too unsettled right now for people to make firm major spending plans. Hence earnings surprises up or down for capital goods companies.

To: Compadre who wrote (2291)	12/19/1998 10:26:00 AM
From: Debra Orlow	Read Replies (1) \| Respond to of 99985

<AMAT> Estimates raised today: Suspicious though. Why now and not right after earnings announcement a while back? Jaime, I believe that a book-to-bill came out better than expected on Friday. Is this a different book-to-bill than previously announced? From Briefing.com: 14:24 ET Book-To-Bill Ratio: Front end bookings rose 34% from October. Overall book-to-bill ratio rose to 0.84 from October level of 0.75. Needham & Co reiterates its "buy" ratings on AMAT, NVLS and ASTX. Believes that earnings growth will recover much faster than expected. Anticipates raising Q1 FY99 estimates on AMAT at a minimum.