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Technology Stocks : Newport Corp.NEWP...lasers..semi..mfg...equipment..

NEWP 2.080

+0.9%

3:59 PM EST

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To: Stuart D. Brorson who wrote (42)	4/29/1997 10:11:00 AM
From: Sam Citron	of 174

Stuart, <<Doesn't PlasmaTherm make PECVD machines? I don't really know enough about these guys to say anything useful. What do they do?>> That is correct, Stuart. You can read about them if you wish at sec.gov. Emcore produces MOCVD machines (has 26% of the market) and has just recently begun to diversify into production of finished wafers and package-ready devices. Thermo Optek is one of the Thermo Electron spin-offs. The parent company's Chairman Hatsopoulis was an MIT professor who decided he'd rather build businesses instead of teaching. He has practically trademarked the "high tech holding company providing various capital and administrative services for the spun-off sub" approach, which has worked very well over the years. My understanding is that Thermo Optek mainly produces instruments for mass spectroscopy and that they recently purchased VG Elemental, which I believe makes a line of MBE equipment. So the common thread is that these companies are all in the compound semiconductor equipment business in one form or another. I was just wondering if you had any experience with these companies or their products. There seems to be only a limited group of publicly traded companies in this industry due to its small size at present. But the industry obviously possesses good growth prospects and is largely undiscovered by Wall St. You mentioned that NEWP is a peripheral holding. Most small investors have a tendency for their portfolios to become overloaded in small cap stocks. Institutions, of course, tend to do the opposite. Lately the institutions have been winning hands down. Could you describe some of the other companies that you think may be worth investing in in this industry, both as core holdings as well as peripheral ones? I would also be interested in knowing what weight you give to a company's price-to-sales ratio when you evaluate a company for investment purposes, if in fact you consider it. SC

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