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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets!
LRCX 161.20+2.4%9:30 AM EST
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To: Cary Salsberg who wrote (10833)5/8/2004 10:03:32 AM
From: Sam Citron  Read Replies (1) of 10921
 
A few more questions, if you please, Cary.

Historically, they are very cheap. 2 times book has been a trough bottom.

AMAT P/B is 3.82 (Yahoo finance) and yet you still favor them. How cheap is that historically for them?

They have been the dominant player in copper, but they are losing market share to AMAT.

Losing market share in copper specifically, or losing market share in general to AMAT? Is AMAT taking market share from the rest of the industry as well, or mainly from NVLS?

NVLS's weakness is their head to head competition with AMAT in most of their tool areas.

That doesn't sound good for either firm. Why can't they get out of each others hair and focus upon the areas where they are unique? Are there such areas, or is the overlap essentially complete? How aggressively do they compete against one another on price? How are switching costs - if, say, a fab wanted to switch from a NVLS to an AMAT tool, or vice versa? Or do fabs tend to buy (and to stay with) complete systems from one or the other? Would NVLS be an attractive acquisition candidate for AMAT?

Does NVLS' emphasis on innovation place them at a marginal disadvantage in China, whose fabs may not yet be ready to adopt the very latest tools?

Sam
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