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Technology Stocks : Etec Systems moving up
ETEC 0.1500.0%Sep 8 5:00 PM EST
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To: William de Alva who wrote (68)11/21/1996 12:00:00 PM
From: Eric Jorgenson   of 1279
 
If someone has time, could they listen to the recording of
Etec's conference call that occurred yesterday and provide a
summary here? It sounds as though it was quite positive.
I will listen myself tomorrow if no one else
gets a chance. The number is 1 800 633 8284 and the access
code is 2200783#. The recording is available on 11/21 (today)
and 11/22 from 10am to 4pm EST.

Following is my speculation on what's going on (bear in mind--
I'm an engineer. I have absolutely no finance credentials
so I might be way off base). A number of companies
in the semiconductor business own sizable chunks of
Etec (over 50% in total according to Hoovers).
I presume the new offering is arising from one or more of these. Sales of 4 million shares translates to 20% of shares outstanding so if my assumption is right, the semiconducter companies are lightening their stake by about one-third to one half. This doesn't seem unreasonable to me since, in dollar terms, their stake is still far more than when the initial investments were made (due to the stock's
runnup). Based on comments from the company yesterday the
future appears bright for Etec. So why sell? The sales by
shareholders might to raise cash to expand their
own operations. Why the price drop? A fairly larger
amount of shares are now available to trade and the market is
adjusting.
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