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 35.15

+0.1%

Nov 4 4:00 PM EST

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From: mopgcw	12/9/2004 8:24:45 PM
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GS US Semi Equipment: Takeaways from Boston bus trip We hosted a semi and semi equipment bus tour in Boston on Wednesday during which we met with Teradyne, MKS Instruments, ATI Technologies, and Varian Semiconductor Equipment Associates. Based on what we learned on the bus trip as well as other recent checks we have conducted, we continue to believe that forward looking indicators for the semi equipment industry point to fundamentals that are likely to be meaningfully worse than current Street expectations. In particular, we would highlight continued difficult conditions in the back-end of the industry as evidenced by a continued decline in both tester and bonder utilizations as well as a meaningful decline in light source pulse light data (a good proxy for capacity utilization) in both October and November (as supported by CYMI's negative mid-quarter update on Wednesday night). We would take profits on the stocks post the recent seasonal rally as we expect the stocks could be weak in Q1'05 as investors deal with difficult forward looking fundamentals.

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