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Technology Stocks : Cymer (CYMI)
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To: orkrious who wrote (21986)5/6/1999 11:45:00 PM
From: Mani1  Read Replies (2) of 25960
 
Jay, I disagree with you reasoning that Cymer should be less cyclical than the rest of the semi. equipment companies.

Re << Their service and spares parts revenue should be higher than average,>> Maybe true for front end equipment suppliers but not back end. Transport and assembly is very labor/part intensive in its maintenance. More than Cymer lasers.

Re <<also, companies will have to continually upgrade to the next generation of lasers, or else they will be left behind>>

That is true for the entire industry and is not at all inclusive to Cymer's business. Upgrades has to be done across the line. In some cases, going to 0.25 from 0.18 benefits the entire equipment industry in average, more than it benefits Cymer's.

Cymer did better in the last downturn because 0.35 to 0.25 was a very large and important step due to the light source. That was only a one time event and will not be repeated in the next down cycle.

Mani
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