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Technology Stocks : Veeco Instruments-Who? -- Ignore unavailable to you. Want to Upgrade?

To: Donald B. Fuller who wrote (2258)	7/9/1999 10:46:00 PM
From: Justa Werkenstiff	Respond to of 3069

Donald: Re: "Besides whatever the law says, it would seem like fuzzy headed logic to issue shares and then buy them back 6 months later." Hey, tell it to ML who was pimping the secondary at $52 to clients a few months back and is now saying there is problems in DD land at a $22 discount. Nothing like being told to buy in at $52 and then being given an invitation to sell at $30. I guess that is what they mean when they refer to ML being a full service firm!!!! Thank you ML.

To: Donald B. Fuller who wrote (2258)	7/11/1999 10:46:00 AM
From: Zeev Hed	Read Replies (1) \| Respond to of 3069

Donald, there is no compelling reason for the company to buy shares at three times book value in the open market. The funds they have should be used to support their acquisition program. They have shown they are good at it. What happened lately? the M&A guy left or maybe VECO thinks that there are no bargain left in the semi equip? Consider this one, since it might indicate we are approaching a top in the equip segment in general. I do not think we are there yet, but I will get a "bad signal" if CYMI does not breach its multiyear high of $30 or so in the near future. Right now, it is still full speed ahead damn the torpedoes, but keep an eye for an end to the current summer rally, and a possible very though Autumn. Here is your turnip farmer, shaking like an Autumn leaf. Zeev