Calls of Note Part 3

- Cowen comments on day one at Semicon saying it yielded little truly incremental for most major larger vendors that had analyst events at the show. General tone pretty good with an undercurrent of uncertainty about the next several Qs. LRCX and KLAC held best analyst events with KLAC effectively pre-announcing a blow out June Q which helped drive the stock sharply up w/ the group. KLAC not seeing any of the classic signs of a downturn at this point. AMAT tone relatively positive but tempered at the edge. Street waiting for vendors to acknowledge slowing but will have to wait in most cases for CCs and Sept guidance. Mgmt teams sensitive to worrisome macros but reflect a pretty solid environment at this point. Visibility remains limited. Firm's favorite names remain KLAC, NEXT and ATMI. Unit play TSRA is event based but looks very interesting here. S.T they'd remain somewhat defensive. Despite a nice move yesterday, it looks too early for a sustained move till heightened uncertainty dissipates.

Notablecalls: Not actionable but good to know category.