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Technology Stocks : Speedfam [SFAM] Lovers Unite ! -- Ignore unavailable to you. Want to Upgrade?

To: Cary Salsberg who wrote (3517)	1/20/2000 9:13:00 PM
From: SemiBull	Read Replies (1) \| Respond to of 3736

Cary, I am comfortably long on SFAM and understand your concerns. SFAM has a very competitive set of tools after finally absorbing the IPEC acquisition - their speed in this regard cost them (and me) and is so reflected somewhat in the stock price. However, I think fiscal Q2 will be an interesting "+" surprise particularly if the integration comes together. Having IPEC's installed base has also opened a number of new doors to SFAM (including Intel and TSMC) and added obvious capacity that was not needed at the time but may be so going forward. Having said all this, even if I haven't remotely pursuaded you to take a closer look at their 10Qs/Ks, in the worse case scenario, this CMP has enough room for 4-5 players. IMHO SFAM will be at least number 3 (I believe 2 of course, but whatever) but has not been priced accordingly. With all this, if they can't bring shareholder value over the next 2-4 Qs, I wouldn't be surprised if the Board moved to sell SFAM. So, in a nutshell, a nice looking risk-reward model. Just one man's apparently lonely spin....SemiBull