Ultratech Stepper Message Board

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Technology Stocks : Ultratech Stepper

UTEK 30.23

0.0%

Jun 5 5:00 PM EST

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To: Investor2 who wrote (828)	5/27/1997 7:16:00 PM
From: Cary Salsberg	of 3696

I2, "Visibility" normally means how far you can clearly see. "On a Clear Day You Can See Forever" moves us toward earnings "visibility", which relates to how clear the future looks with respect to earnings predictions. High visibilty means being able to predict further into the future with greater confidence. The market is a discounting mechanism. It discounts the flow of future earnings. If future earnings can not be accurately predicted because business conditions are uncertain, then "visibility" is low and the stock price suffers. A company like Coca-cola has very high earnings visibility and this is the basis of its high PE. Cary

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