I have another thought about the languishing share price. After the recent storm, a lot of very good tech stocks, with a lot of investor recognition (like Intel and Tex. Inst.) are "on sale" right now. Also, because of the recent turmoil and possible future rough spots, safety looks good as well. There is a wide menu of stocks available that represent good value with less risk in the recent share price performance than Cymi. Cymi represents fantastic return potential, but carries with it (right now) perceptions of a large amount of risk. However, time is on our side. Each passing day not only brings us closer to another quarter's earnings announcement, but as the valuations of other firms get richer, those stocks will drop off of "the bargain list" while Cymer remains. Investment in Cymer relative to other firms becomes more compelling with time.
It is interesting to note that a good portion of the short interest outstanding might indeed lie with the bondholders. Right now, however, they are just plain old short sellers. If they feel the price start to trend upward long term, any and all shorts will bail. Ken, I would be intrigued on any thoughts you might have on (1) how to play the bonds, or (2) how to use volume in the bonds as an indicator of the share price direction. Since the issue was in fact a private placement, I would think real-time data might be hard to come by.
Again to all, patience is all we really need.
jess. |
