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Bought 3,000 AMAT at 21.71
AMAT is the leader in the Semi-Conductor Equipment industry, from that position they have moved into making equipment for Flat Panel (Display) Manufacturers, and they are now expanding into the Solar Power arena.
At a P/E of 17.8, AMAT is less expensive than other members of the industry in which it is a leader. On a Price/Sales basis, in the past it has been profitable to buy AMAT at 3 or less - it is now at 3.04.
My interest is in the Solar initiative. Given current energy prices and government subsidies, the solar power industry should grow and become economically rational as costs are driven down in the same way they have been in semiconductors. AMAT has the financial strength and R&D capabilities to become a significant factor in this business. From my standpoint, it is more effective to invest in Solar by buying AMAT than it would be to try to pick from among a host of startups and IPOs in an effort to select the winners. The solar is a kind of free plus to the Semiconductor Equipment.
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