Analyst Ed White says the headcount reduction suggests a near-term turn in the industry is not at hand. Shares appear fully valued given current fundamentals and the level of visibility. He says additional cost cuts appear to indicate that a meaningful recovery still is far off in the distance. He continues to believe a sustained rebound will not occur until late 2002 or early 2003. He remains "cautious" on shares over the short-term. That said, he's bullish on Applied Material's longer-term prospects fueled by its leading technological product offerings. White maintains his market perform rating.