1. AMTI - supplier of material used worldwide in the manufacture of semi-devices;
book - $8.81 cash - $5.51
debt - almost nil
52 week range $15.50 to $60.75
shares outstanding 29.7 million
Note: Rev for 9 months $213 mil and net .97 vs. $143 mil and .44 net - 00 est $1.37 - 01 est $1.83. We assume these numbers will be lowered - look for long term growth potential and possible takeover candidate for this "cherry". Only trading at 9x est 01.

2. CNXT - provides semi-products and systems solutions for communications electronics. book - $12.80
cash - $3.66
debt - low,
52 week range - $19.81 to $132.50
shares outstanding - 228 mil.
Note: Revenue for September 30 - 9 months $2.1 billion, net loss $190 million. This number includes a $215.7 million write-off of purchased R & D - 01 est .75. Off 85% from lofty high - looks very oversold and attractive. Long term at current levels.

3. VSEA - designs , manufactures, markets and services semi-processing equipment in the fabrication of integrated circuits.
book - $10.44
cash - $3.79
debt - 0,
52-week range - $18.00 to 73.25
shares outstanding - 32 million
year end Sept 30, 00 rev $626 million and net $2.94 vs. $206 million and loss of .43, 01 earnings est $4.04. Even if they only earn $2.00, this is a screaming long term BUY! Could also be a takeover candidate.

4. KLAC - engaged in the design, manufacture, marketing and service of yield management and process monitoring systems for the semi industry.
book - $9.60
cash - $5.00
debt - 0
52 week range $25.50 to $97.75
shares outstanding - 187 million
first quarter ending Sept 30 00 revenue $534 million and net .54 vs. $272 million and .21, 01 est earnings $2.24 - 70% off 52 week high. Looks very attractive at level. Earnings estimate may be lowered, but long term a strong leader.

5. AMAT - develops, manufactures, markets and services semi wafer fabrication equipment and spare parts for the worldwide semi-industry,
book - $7.56
cash - $4.62
debt - very little
52 week range - $38.50 to $115.00
shares outstanding - 811 million
9 months ending July 30, 2000 revenue $6.6 billion and net of $1.69, 00 est $ 2.39, 01 est $3.54 -- may be too high.
Note: A core holding for semi industry - off 65% from overvalued high -- now looks super cheap.

6. T - provides voice, data and video communication - also furnishes domestic and international long distance, local and wireless comm. services, cable TV and Internet comm. services.
book - $29.34
cash - $.11
debt - 50%
52 week range - $21.25 to $61.00
shares outstanding - $3.76 million
revenue for 9 months -49 billion and net $1.40
00 earnings est - $1.80
01 earnings est - $1.68.
Note: Currently trading at 30% below stated book, attractive yield of around 5% - earnings estimate most likely will be lowered - brake-up value should release additional value. Looks very attractive at current levels.

7. WCOM - provides a broad range of comm. outsourcing, and managed network services to both US and non-US based corporations. WCOM provides one of the broadest range of Internet and traditional, private networking services available from any provider.
book - $19.31
cash - .32
debt - fair amount
52 week range $14.13 to $61.33
shares outstanding - 2.87 million
Note: Trading at about 20% below stated book. Earning estimate of $2.20 for 01 mostly will be lowered. Still looks extremely oversold. For 9 months ending Sept 30 2000 revenue is $29.4 billion and $1.20 net vs. $26.5 billion and .91 net. At current levels could be a takeover candidate. Great Internet play (infrastructure). We spell it! CORE HOLDINGS.

8. MOT - wireless telephone, two-way radio, messaging and satellite comm. products and systems. Internet - access systems, etc., etc.
book - $9.47
cash - $1.42
debt - fair amount
52 week range - $19 - $61.54
shares outstanding - 2.18 billion
9 months ending Sept 30 2000 revenue $27.5 billion and .52
00 earnings est. - 98
01 earnings est. - $1.23
Note: BUY - core holdings at current levels -- 66% from overvalued high.

9. LSI - is a designer, developer, manufacturer and marketer of complex, high-performance integrated circuits and storage systems.
book - $7.47
cash - $3.40
debt - .41
52 week range - $17 5/8 to $90.375
shares outstanding - 319 million
Note: for 9 months ended 9-30-00 revenues rose 32% to $1.99 billion, while net income exploded to $174.9 million. Earnings est. for 00 - $1.24 and 01 est. - $1.78 (these numbers could be lowered). This stock is 80% off its 52 week. A super leader in its business segment. Strong BUY recommendation. See November 9 press release for further guidance. We rate LSI as a STRONG BUY at current depressed levels.

10. XIRC - is a global provider of mobile networking and information access solutions for mobile professionals. Its products enable connectivity between notebooks, handhelds and corporate networks, the Internet and other on-line services.
book - $14.39
cash - $10.00
debt - 0
52 week range - $12.23 to $75.93
Shares outstanding - $29.9 million
Note: Revenue for 9 months rose 17% to $496 million. Net income fell 28% to $25 million. Earnings estimate for Sept 01 - $1.09, while 02 - $1.45. Currently trading at book. Looks like a takeover candidate - huge cash reserve ($10.00/sh). The company is being valued at $4.00 minus the cash. Someone is going to eat them alive. Great BUY at current levels. Off 81% from high.

11. NITE - is one of the leading market makers in NASDAQ securities and in the third market.
book - $5.98
cash - $2.83
debt - 0
52 week range - $16 1/2 to $60
shares outstanding - 123 million
Note: for 9 months revenue reached around $1 billion and net income $1.76 - huge increase over prior period. Read Oct 18 press release from NITE for further guidance. Looks like excellent value at current levels. Earnings estimate for 00 and 01 appears flat ($2.00) - only trading at 8x estimate. At current prices, NITE will be bought out soon by either Citibank or Merrill. This is like taking candy from a baby. Off 63% from 52 week high.

12 DITC - is a global telecommunications equipment supplier for voice and data networks. DITC's echo cancellation products eliminate the problem of echo in emerging and existing voice networks.
book - $8.38
cash - $4.14
debt - 0
52 week range - $15 11/16 to $140.88
shares outstanding - 29 million
Note: for 6 months ended 10-31-00, revenue totalled 88.6 million , while net income totalled $28 million. Earnings estimates have remained intact to date; that is, April 01 - $1.86 and 02 at $2.14. Trading at around 8x estimate. Another takeover candidate at current levels - down a whopping 88% from 52 week high. You have to love it! Read second quarter guidance dated November 16, 2000.

13. CYMI - engaged in the development, manufacturing and marketing of excimer lasers for sale to manufacturers of photolithography tools in the semiconductor equipment industry.
book - $6.26
cash - $6.98
debt - high
52 week range $16.125 - $67
shares outstanding - 29.4 million
Note: Revenue exploded for the 9 months to $265 million from $142 million. Net income $1.40 vs. (01). Read the latest guidance dated October 30, 2000 - extremely bullish in our opinion. Earnings estimate for 00 equals $2.01, while 01 equals $3.00. If we assume 01 is 30% - overly optimistic - and CYMI only earns $2.00, then CYMI will trade at an estimated PE of 10x. We find CYMI very attractive at current levels - down 70% from 52 week high. We do not see dramatic risk from current levels. THIS IS CUTTING EDGE, BABY!

14. INTC - a semi chip maker, supplies the computing and communication industries with chips, boards, systems and software that are integral in computer, servers and networking and communications products.
book - $5.60
cash - $2.02
debt - 0
52 week range - $35 - $75.82
shares outstanding - 6.73 billion
Note: INTC clearly dominates its space with about 80% market share. It's also the world's single largest semiconductor company - by a considerable margin and also the most profitable. INTC is the core, plain and simple! A must own at current levels - that is $38.00. Earnings est. for 00 equals $1.67 while Dec 01 equals $1.73 - down over 50% from 52 week high. BUY them when they are down in the dumps and sell them when they are King of the Hill!