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Technology Stocks : Novellus -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (2248)	5/21/1999 11:47:00 PM
From: Carl R.	Read Replies (1) \| Respond to of 3813

I think that ultimately NVLS should buy both LRCX and SFAM, and for that matter probably BRKS and SMTL as well. This will make a company that can deliver complete solutions and has the size and management skill to compete with AMAT. I don't think a LRCX acquisition will happen soon due to a clash of egos, though. Plus I don't think NVLS will make a deal that will be bad for the shareholders, which is why one hasn't happened yet. I suspect that they are only willing to offer .5 shares of NVLS for a share of LRCX, and with NVLS less than twice LRCX such a deal is impossible. My current target trading range for NVLS is 71-86 and for AMAT is 44-71, so in my book NVLS is still considerably undervalued while AMAT is in the upper end of what I believe should be it's trading range. For LRCX I have 30.5 to 35. Thus if both NVLS and LRCX were in my target range, an acquisition could work. Carl