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Technology Stocks : Cymer (CYMI)
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To: TideGlider who wrote (8308)11/5/1997 1:43:00 PM
From: TelecosmFan  Read Replies (1) of 25960
 
Michael Murphy (California Technology Letter) likes companies that place a high level of importance (and money) on R&D. He recently gave a talk that covered many aspects about technology stock investing, including growth flow analysis, the importance of research and development in assessing value in tech companies and the ''virtuous circle'' method to building great companies.

''We think R&D is real important. It drives the whole world. Wall Street looks at R&D as an expense that gets subtracted from current earnings. The more a company spends on R&D, the worse it is from Wall Street's view,'' Murphy said. ''They like companies that cut R&D, like IBM (NYSE:IBM - news) which produces short-term earnings.

''We don't like that approach at all,'' Murphy said. ''R&D is what creates new products which create new revenue and profit growth. New products have higher profit margins, too.

Cymer places a high priority and spending on R&D.

Ed
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