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Technology Stocks : PRI Automation (PRIA) -- Ignore unavailable to you. Want to Upgrade?

To: Berk who wrote (622)	2/27/1999 10:41:00 AM
From: Joseph Beltran	Read Replies (2) \| Respond to of 1214

Dick, The market reaction this week can largely be explained by greenspan's humphrey-hawkins appearance, imo. I think the bond market over-reacted. after all, there is no whiff of inflation and productivity remains high. unemployment levels may be at historical lows but again, wages remain in check and productivity remains high. the rate on the 30 year bond is historically too high and the bond market will/should correct that by rallying in the near term, bringing the rates below 5.5 again. The semiconductor capital equipment stocks -especially first tier ones- may have gotten a little ahead of themselves but I see no evidence whatsoever that the turnaround in the industry is not for real. Indeed, just two days ago, one of amat's executives reiterated that bookings/baclkog were very strong and that they were hopeful to achieve operating margins in excess of 50% going forward...I think they will literally blow away next quarter's estimates. I have no idea what NVLS is up to with its new offering -doesn't seem enough to buy out any second tier company (i.e. sfam) so it must be to shore up their balance sheet. the fact that they have priced it so high leads me to believe that there is a stream of good news that will be released in the near future to support the high pricing, i.e. big orders. as far as CYMI selling is concerned, the share amounts are relatively small (maybe they need to raise $$ to pay taxes???) but nevertheless worth minitoring...On balance, I share your overall cautious approach..