We propose a scheme for parametric amplification and phase conjugation of an atomic Bose-Einstein condensate (BEC) via stimulated dissociation of a BEC of molecular dimers consisting of bosonic atoms. This can potentially be realized via coherent Raman transitions or using a magnetic Feshbach resonance. We show that the interaction of a small incoming atomic BEC with a (stationary) molecular BEC can produce two counterpropagating atomic beams -- an amplified atomic BEC and its phase-conjugate or time-reversed replica. The two beams can possess strong quantum correlation in the relative particle number, with squeezed number-difference fluctuations.
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