FOOL PLATE SPECIAL
An Investment Opinion by Randy Befumo

Asyst Gets a Hand

ASYST TECHNOLOGIES <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ASYT)") else Response.Write("(Nasdaq: ASYT)") end if %> has returned to the land of the living, rising $4 3/4 to $33 5/8 this morning after surging $3 3/4 yesterday. The manufacturer of automated Standard Mechanical InterFace (SMIF) minienvironment systems has suffered from haphazard results over the last year since its Asyst Automation subsidiary began to fall apart. Asyst shares plunged into the high teens last year when the company announced that it was writing off a rather large portion of its accounts receivable and then proceeded to underperform consensus earnings estimates for the next two quarters.

Although sales growth has been solid, earnings growth has been erratic due to two large one-time charges -- one in the fourth quarter of fiscal 1996 to write down the accounts receivable and one in the third quarter of fiscal 1997 to close down Asyst Automation. Management seemed overwhelmed and the company appeared to many outsiders to lack internal controls and a viable plan, despite the fact that it controls a large portion of the SMIF minienvironment market. Yesterday's results, which came in higher than estimates, combined with recent additions to the management team have regained the confidence of Wall Street.

SMIF minienvironment systems are used to transport very heavy and expensive silicon wafers throughout a semiconductor fab, maintaining a sealed environment to ensure there is no contamination. As semiconductors become more complex, maintaining the integrity of the silicon has become more important. Although order growth indicated that Asyst was successful at selling the product, investors were not interested until it was clear that the company could actually make money from those sales. Investors who recognized that eventually the company would get its house in order are currently reaping the rewards of their patience. Despite the recent price increase, the company still sells at 1.24 times sales while similar companies like PRI AUTOMATION <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PRIA)") else Response.Write("(Nasdaq: PRIA)") end if %>, BROOKS AUTOMATION <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BRKS)") else Response.Write("(Nasdaq: BRKS)") end if %> and KLA TENCOR <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: KLAC)") else Response.Write("(Nasdaq: KLAC)") end if %> trade at 1.8 times sales or higher.

UPS

Long distance dial tone provider LCI INTERNATIONAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LCI)") else Response.Write("(NYSE: LCI)") end if %> popped up $1 to $21 5/8 after Standard & Poor's announced that LCI will replace GOULDS PUMPS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GULD)") else Response.Write("(Nasdaq: GULD)") end if %> on the S&P MidCap 400 Index.

ELF AQUITAINE <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ELF)") else Response.Write("(NYSE: ELF)") end if %> will reduce its shares outstanding by 0.9% by buying back the stake held by French automaker Renault SA. Shares rose $2 5/8 to $54 3/8 as the petroleum company will get the shares at a 3% to 5% discount to their market value.

Integrated factory floor management software developer CONSILIUM <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CSIM)") else Response.Write("(Nasdaq: CSIM)") end if %> rose $1 3/16 to $4 3/4, continuing to benefit from Hambrecht & Quist's decision to raise the stock to "buy" from "hold."

CHARTER ONE FINANCIAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: COFI)") else Response.Write("(Nasdaq: COFI)") end if %> will buy RCSB FINANCIAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RCSB)") else Response.Write("(Nasdaq: RCSB)") end if %> in a stock swap that values each share of RCSB at 0.91 shares of Charter One, or $42 1/2 per share. RCSB rose $7 to $41 on the news as CS First Boston raised its rating on Charter One to "buy" from "hold."

A development stage biotechnology company working to make artificial blood called NORTHFIELD LABS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NFLD)") else Response.Write("(Nasdaq: NFLD)") end if %> rose $7/8 to $10 after a clinical trial showed evidence that artificial blood can reduce the need for transfusions in hemorrhaging trauma patients.

MAIL BOXES ETC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MAIL)") else Response.Write("(Nasdaq: MAIL)") end if %> has a new owner -- U.S. OFFICE PRODUCTS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: OFIS)") else Response.Write("(Nasdaq: OFIS)") end if %> has announced that it will purchase Mail Boxes Etc. in a one-for-one stock swap valued at $23 1/8 a share. Mail Boxes rose $2 1/2 to $22 1/8 and U.S. Office fell $1 3/8 to $23 1/8.

CLOSURE MEDICAL CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CLSR)") else Response.Write("(Nasdaq: CLSR)") end if %> continued to power ahead, rising $1 to $22 3/4, after a study was released yesterday showing that its "super-glue" wound sealing product causes less infections than stitches. The company was covered in the Daily Double more than a month ago.

DOWNS

ANALOG DEVICES <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ADI)") else Response.Write("(NYSE: ADI)") end if %> tumbled $1 7/8 to $26 despite meeting estimates of $0.25 EPS yesterday. Although there is nothing on the wires, it is possible that analysts are adjusting ratings and earnings estimates this morning to reflect guidance given in the conference call.

Silicon wafer cleaning system developer CFM TECHNOLOGIES <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CFMT)") else Response.Write("(Nasdaq: CFMT)") end if %> fell $8 3/8 to $29 this morning despite meeting consensus estimates. The company stated there were no new flat panel display (FPD) orders in the quarter and that orders from semiconductor manufacturers were weak.

DATA RACE <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RACE)") else Response.Write("(Nasdaq: RACE)") end if %> fell $1 11/16 to $12 1/8 after Southcoast Capital cut its earnings estimates and short-term rating on the company due to a slower-than-expected launch of two of its new products.

Network hardware and software marketer ALPHANET SOLUTIONS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ALPH)") else Response.Write("(Nasdaq: ALPH)") end if %> dropped $1 1/8 to $17 1/2 after the company announced it was selling two million shares, with 850,000 coming from existing shareholders.

AMAZON. COM <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMZN)") else Response.Write("(Nasdaq: AMZN)") end if %> fell another $3/4 to $16 3/8 this morning, below its recent initial public offering price of $18 a share. The Internet bookseller has received a lot of scrutiny from skeptical investors over the rather extravagant valuation.

Telephony voicemail system developer BOSTON TECHNOLOGY <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BSN)") else Response.Write("(NYSE: BSN)") end if %> dropped $1 1/4 to $26 3/8 after a nice rise yesterday. The company beat consensus earnings estimates by three cents, coming in at $0.21 per share.

CAPITAL ONE FINANCIAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: COF)") else Response.Write("(NYSE: COF)") end if %> dropped $1 1/2 to $31 3/4 after Donaldson, Lufkin & Jenrette lowered its rating on the credit card issuer to "buy" from "recommended list buy." Last week Capital One announced that second quarter earnings would be lower than expected.

CONFERENCE CALLS

HEWLETT PACKARD <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HWP)") else Response.Write("(NYSE: HWP)") end if %>
(303) 446-5399 (reservation # 2554014) -- replay through 5/22

COMPUTER ASSOCIATES <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CA)") else Response.Write("(NYSE: CA)") end if %>
(888) 243-0816 (code: 3276) -- replay available after 6:30 PM EDT for 48 hours

APPLIED MATERIALS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMAT)") else Response.Write("(Nasdaq: AMAT)") end if %>
(800) 642-1687 (code: 353749) -- replay

INTERNATIONAL RECTIFIER <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IRF)") else Response.Write("(NYSE: IRF)") end if %>
(Re: Restructuring)
(800) 633-8284 (reservation # 2765732) -- replay

HOME DEPOT <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HD)") else Response.Write("(NYSE: HD)") end if %>
(402) 220-3005 -- replay after 12:00 noon until 5/23

DAYTON HUDSON CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DH)") else Response.Write("(NYSE: DH)") end if %>
(800) 633-8284 (reservation # 2703946) -- replay from 12:30-5:00 p.m. EDT

ROSS STORES INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ROST)") else Response.Write("(Nasdaq: ROST)") end if %>
(402) 220-1007 -- replay available from 5:00 p.m. EDT through 5/27 @ 8:00 p.m. EDT

05/22/97 (Thursday)
WIND RIVER SYSTEMS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WIND)") else Response.Write("(Nasdaq: WIND)") end if %>
(800) 633-8284 (reservation # 2748792, code: 2589) -- replay
(303) 248-1201 (reservation # 2748792, code: 2589) -- replay (Intl. callers)

THIS WEEK'S CONFERENCE CALL SYNOPSES

HEWLETT-PACKARD <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HWP)") else Response.Write("(NYSE: HWP)") end if %> Q2 Call
STAPLES INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SPLS)") else Response.Write("(Nasdaq: SPLS)") end if %> Q1 Call
HADCO CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: HDCO)") else Response.Write("(Nasdaq: HDCO)") end if %> Q2 Call
PAPA JOHN'S INT'L <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PZZA)") else Response.Write("(Nasdaq: PZZA)") end if %> Q1 Call
APPLEBEE'S <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: APPB)") else Response.Write("(Nasdaq: APPB)") end if %> Q1 Call
DELL COMPUTER <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DELL)") else Response.Write("(Nasdaq: DELL)") end if %> Q1 Call
FAMILY GOLF CENTERS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FGCI)") else Response.Write("(Nasdaq: FGCI)") end if %> Q1 Call