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Well today they went up a little.
And the other was economic growth. Now we have seen some earnings disappointments, meaning maybe earnings growth is part of that problem. Well, I think the earnings disappointments we've seen are company specific.
OK, so your major concern out of the five root causes of a bear market is over evaluation. That's a big deal, Paul. Now, we're almost 21 times earnings at the recent highs, and we're still 20 times earnings tonight. There's a ceiling in the low 20s on multiples.
I don't think we'll get through that ceiling. And how does that translate into the Dow Industrial Average level? And the low, possibility?
I wouldn't expect us to go below the mids. Are you taking some money off the table, now? Well, one of the stocks I recommended The Dow was at Uniphase was at It's now over I would book that profit. I would sell that stock; it's about 33 times next year's earnings. It has been a huge home run winner for us.
I would take the profit.
It's now about Ultratech Stepper is, I think, a special situation in capital equipment. They have a new process, Paul, PGild phwhich is an advanced laser thermal processing tool for semiconductor manufacture in the smaller geometries.
This is a big potential market. They have other new products. They have a new mask-making division, Ultrabeam. They'll be coming in in ' And they have a new pole-trimming tool, which is used for disk drive manufacturers. Saves a lot of money for the manufacturers in that area. I think Ultratech Stepper would be my single best purchase at this point.Download past episodes or subscribe to future episodes of Nightly Business Report by CNBC for free.
NICK MACKEY, NIGHTLY BUSINESS REPORT CORRESPONDENT: A five kilometer stretch of furniture showrooms, factories and warehouses.
This is Lecong, one of the Pearl River delta`s furniture centers, home to over distributors representing many of the region`s furniture manufacturers.
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