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To: epicure who wrote (41631)	12/23/1998 6:31:00 PM
From: Carl Held	Read Replies (2) \| Respond to of 53903

Report....look at the numbers...not so great Average selling price (64 Meg SDRAM) increased 8% in the 1st Qtr. Cost per megabit of semiconductor memory sold remained unchanged. ------------------------------------- Net Sales (Dec 3, 98 vs Nov 27, 97): Semiconductor memory products: -2.73% Personal computer systems: -20.9% Other: -81.4% ------------------------------------- Total net sales: -17.1% Diluted earnings (without income tax benefit): -$0.30 Inventories (Dec 3, 98 vs Sept 3, 98): +23.6% Long-term debt (Dec 3, 98 vs Sept 3, 98): +110.5% Based on the numbers, the overly opportunistic outlook has been disproven. Again, MU has been manipulated and is overpriced. The industry will now enter a slow period for sales. Without the financing received in the TI memory acquisition and an equity investment by Intel, the numbers would have been more negative. Also to keep in mind, MU annual meeting is next month and they want to create and distribute an additional 32 million shares. Another factor is Japan & Korean semiconductor companies who will flood the market, which will increase supply, resulting in price decrease.