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Technology Stocks : Cymer (CYMI)

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To: TechHunter who wrote (21281)	3/9/1999 1:36:00 PM
From: Robert Douglas	Read Replies (1) of 25960

re: what's up? Merrill Lynch issued a bulletin on Cymer this morning because of new orders from Nikon: Price target $35. Nikon is placing an order for 10 Cymer lasers, model 5000. These are the older laser systems used in Nikon's lithography tools. Inventories of the 5000 at the two Japanese lithography manufacturers, Nikon and Canon, stood at 240 systems in the December '98 quarter. The inventory overhang is the central issue for the bear argument on the stock. The order for additional 5000 lasers suggests that inventories of these older lasers are back down to normal levels at Nikon, clearly a positive for CYMI…. We think CYMI's orders in March '99 could be in the $40 million range versus $31 million in December '98. Clearly the order momentum is accelerating, similar to the trend at the other well positioned semiconductor equipment companies. We feel that the recent price decline associated with the problems at the PC-companies, Dell, Compaq and 3COM, should be viewed as a buying opportunity given the improving fundamentals. -Robert

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