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Technology Stocks : General Lithography
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To: TI2, TechInvestorToo who wrote (966)4/26/1998 12:56:00 PM
From: Carl Mays  Read Replies (1) of 1305
 
I don't believe Nikon, Canon and ASML will allow Ultratech to have a core market. Ultratech's historical market is migrating to reduction technology. In order to participate in this market, a company must have a reliable source of reduction lenses. Nikon and Canon design and produce their own, ASML works closely with Zeiss. Ultratech/ISI would be years away from generating a source with any significant volume.

Nikon and Canon have already developed systems targeted for the TFH market. The Nikon system utilizes the i-12 platform with a variable NA lens from .28 - .48. The Canon system is a 2X system with a 45X5mm exposure field. ASML is currently modifying their technology for TFH and their system has many features that would be very attractive to this market.

The Ultratech/ISI acquisition seems to be based upon a strategy for Ultratech to assemble a portfolio of technologies and position for acquisition by one of the major players.

Unless I have missed some key factor which is going to stop the longterm decline in revenues and earnings, I believe the stock has transitioned more to a short term opportunity for acquisition rather than a longterm value generator based upon earnings.

Very interested to hear responses from all vantage points since I'm seriously re-evaluating my position with this stock.
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