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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: stockycd who wrote (28233)	2/16/1999 4:52:00 PM
From: Proud_Infidel	Respond to of 70976

NAZ Futures down Big at the moment cme.com

To: stockycd who wrote (28233)	2/16/1999 4:54:00 PM
From: Jeffrey D	Read Replies (2) \| Respond to of 70976

Always interesting to see the Bloomberg "spin" on earnings reports so here you go. Geez, doesn't look hopeful at all. <gg> Jeff << Applied Materials 1st-Qtr Profit Falls 79%, Beats Estimates Applied Materials 1st-Qtr Profit Falls 79%, Beats Estimates Santa Clara, California, Feb. 16 (Bloomberg) -- Applied Materials Inc., the No. 1 chip-equipment maker, said fiscal first- quarter profit tumbled 79 percent, less than expected, as sales plunged after semiconductor companies cut back spending. Profit from continuing operations for the quarter ended Jan. 31 fell to $42.5 million, or 11 cents a share, from $197.8 million, or 52 cents, in the year-earlier period. Applied Materials, based in Santa Clara, California, was expected to earn 6 cents a share, the average estimate of analysts from First Call Corp. Applied reported lower earnings for the past two quarters as chipmakers bought less of its equipment to compensate for excess production capacity and falling prices. Now, some analysts expect Applied to benefit in coming quarters from cost cuts and rebounding demand in Asia. ''Some of the expansions and upgrades that were put on hold are starting to come back,'' said Susan Billat, an analyst at BancBoston Robertson Stephens Inc., who rates Applied a ''strong buy.'' She cited signs of increased spending at Korean and Taiwanese chipmakers and savings from Applied's elimination of 2,000 jobs, or 15 percent of its workforce, last year. Sales fell 43 percent to $742 million from $1.31 billion a year earlier. Applied said orders, the basis for future sales, rose to $1.03 billion from $684 million in the fourth quarter. Still, they're down 20 percent from $1.29 billion a year earlier. Applied shares rose 1 3/8 to 68 1/4. They've risen 60 percent this year, fourth best among stocks in the S&P 500 Index. >.