Lam Research (LRCX, NASDAQ): To the Insiders Message Board

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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders

LRCX 217.47

+4.2%

Jan 15 3:59 PM EST

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To: Proud_Infidel who wrote (5230)	2/16/2005 8:09:24 PM
From: Jong Hyun Yoo	Read Replies (1) of 5867

Brian, I am turning increasingly positive on Semi-equipemnt stocks. My personal research tells me now is the time to aggressively start accumulating stocks in this space. My holdings weighed less in this space due to deteriorating fundamentals last year. But I am about to do major reorganization of my stocks to weigh more heavily in this sector. I continue to favor LRCX over others and will be the largest holding of all semi-eqipment stocks. There is a slight upside to earning estimate in April for LRCX. We may have flat to slightly down Q in July but there may be a chance that Taiwanese foundaries are going to open up their purse to add some capacity, in which case we will start to see some growth. Towards the end of year, I see more aggressive purchase of 300 mm tools targeted at 90 nm node. The foundaries and IDM's have been working on perfecting the process and they got the yield good enough to go into volume production at this node. Also at 90 nm, LRCX's strong position at IBM may translate into additional order wins from those foundaries who rely on IBM for the pricess technology. I think the initial upturn will be driven by follow-through of the new technologies that IDM's have been developing. I don't think it will be a broad upturn but rather very strong pockets of technological upgrades. If the semiconductor market continues to improve, we will then get more broad rally. For this reason, LRCX will outperform AMAT. While AMAT relies on braod market upturn to see more robust earning growth as it participates in all segment including that is not profitable (Etec and what a mess it has been for the company !), LRCX's market is directly in the sweet spot of all current technology related upgrade. Good luck.. JHY

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