Technology >> Sector Roundtables >> November 10, 2003

Roundtable Forum: Semiconductor Capital Equipment

STEVEN C. PELAYO is a Vice President who joined Morgan Stanley in 1996 and covers the semiconductor capital equipment industry. Mr. Pelayo started at the firm as a Research Associate and in 1999 was named a Senior Analyst focusing on a subsection of the semiconductor capital equipment group called back-end test, assembly, and packaging. Prior to joining Morgan Stanley, Mr. Pelayo was a member of the Equity Research Department of Prudential Securities. He was ranked second in the 2003 Greenwich Associate's weighted research survey for semiconductor capital equipment, runnerup in the 2002 Institutional Investor's survey, first in stock-picking ability in The Wall Street Journal's 2003 Best on the Street survey, and first in stock picking and earnings estimate accuracy in StarMine's 2002 ranking. Mr. Pelayo received a BS in Finance from San Diego State University. He is a Chartered Financial Analyst. Profile
Prior to joining mindWireless, BOB MCCLAREN was the President of Business Operations for the Houston Astros, where he played one of the leading roles in the Astros' move to their new state-of-the-art field in downtown Houston. During Bob's tenure, he was responsible for all facets of the Astros' business and administrative operations, including Accounting, Advertising, Ballpark Operations, Broadcasting, Community Development, Engineering, Finance, Human Resources, and Media Relations to name a few. Before moving to Houston, he was the General Counsel and a member of the Board of Directors of McLane Company Group, L.P., of Temple, TX from 1992-94. Bob serves as a Deacon for Second Baptist Church in Houston, and is a previous member of the Board of Trustees for Houston Baptist University. Profile
MICHAEL O'BRIEN is SoundView's senior analyst covering the Semiconductor Manufacturing sector and has been named to The Wall Street Journal's Best on the Street list for the past two years. A member of SoundView since 1997, in December 2001 he was named Deputy Director of Research. Mr. O'Brien began his Wall Street career in equity research at Smith Barney. Prior to that, he spent nearly four years at Applied Materials. He received a BS in Quantitative Business Analysis from Penn State University. Profile
MARK FITZGERALD is a Managing Director and Senior Research Analyst in the Technology Group at Banc of America Securities LLC, where he is responsible for covering the semiconductor capital equipment sector. Prior to joining the firm, Mr. FitzGerald was a Vice President at Merrill Lynch & Co., Inc. He also spent two years at UBS Securities and worked for three years at Hambrecht & Quist. Mr. FitzGerald has 10 years of direct semiconductor industry work experience. He started his career in 1984 at Air Products and Chemicals in the Applied Research and Development Group focusing on semiconductor process development. In 1987 he moved to Materials and Technology, a Dallas, Texas-based firm that provided high performance ceramic technology for leading semi-equipment vendors such as Applied Materials and Lam Research. In 1989 he joined Dataquest, a market research firm, as a Principal in the semiconductor group. Mr. FitzGerald was recognized in 2002 as a top stock-picker in The Wall Street Journal's Annual 'Best on the Street' Survey. He holds a Bachelor of Science degree and a Bachelor of Arts degree from McGill University, located in Montreal, Canada, and an MBA from Duke University in Durham, North Carolina. Profile
GLEN YEUNG, Director, joined Smith Barney in March 2000 from Deutsche Banc Alex. Brown Inc. where he also covered the semiconductor equipment group. Prior to working at Deutsche Banc, Mr. Yeung was an assistant vice president with InSource Limited of Toronto, where he was responsible for the equity indexed annuity franchise. Mr. Yeung placed number three in the 2002 Institutional Investor All-America survey in semiconductor equipment, after placing runner-up in 2001, and was the up-and-comer in the 2000 Institutional Investor Survey. In 2001, Mr. Yeung was ranked number one in semiconductor equipment and products in the 2001 Reuters US Larger Company Survey. He is a graduate of the Schulich School of Business, York University, in Toronto, Canada, with an International Master's degree in business administration, and holds a BA degree with honors in economics from the University of Toronto, Canada. Profile
TWST: Mark, what has gone on from a stock market point of view with the

semiconductor equipment stocks so far this year?

Mr. FitzGerald: I think the current rally is a mini-boom that is