Helix Technology, a cold play on semiconductor equipment Message Board

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Technology Stocks : Helix Technology, a cold play on semiconductor equipment

HELX 35.59

-0.2%

Nov 20 4:00 PM EST

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To: mopgcw who wrote (1129)	2/25/2004 7:32:45 PM
From: mopgcw	of 1227

GS US SEMI EQUIPMENT: TAKEAWAYS FROM DAY TWO OF THE GS TECH CONFERENCE The second day of the GS Tech Symposium in Phoenix, AZ featured presentations from semi equipment companies ASML, KLA, FormFactor, MKS, and Entegris. The overall commentary from the equipment companies on Tuesday continued to be upbeat, consistent with a cyclical recovery. Our key takeaways from the second day of the conference were: (1) Despite management optimism on the continued cyclical recovery, it appears unlikely that there will be significant upward earnings estimate revisions as Street estimates seem to now fully reflect the magnitude of growth that managements are now highlighting for Q1 and Q2, (2) 200mm capacity buying is continuing to remain strong, and (3) KLA and ASML both highlighted that lead times have lengthened. We continue to believe that the stocks will remain in a trading range with a downward bias, as we believe that the group is likely to be pressured until the Street has better clarity around the length of the fundamental upcycle, which will not likely happen until mid-way through 2004.

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