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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (25187)	10/14/2000 12:20:27 AM
From: Proud_Infidel	Respond to of 25960

I see no sign of a long range strategic plan that assures that technical changes will not leave them without a market. Sure, when you start, you got to stick to your knittings, use your unique products to establish distribution and service organization and control the market you are in. OK, all these are done, what next? They can earn $3 next year, but they surely have no visibility of $4.5 in 2002 and $6 in 2003 with the relatively narrow technological base they have now This is PRECISELY what I am, and have been worried about. Regardless of what many people think, the market looks out many years ahead. EUV is not to the best of my knowledge the de facto standard for next-generation lithography. BK

To: Zeev Hed who wrote (25187)	10/14/2000 10:13:51 AM
From: WTSherman	Respond to of 25960

Zeev, basically I agree with you. The size of the UV market is limited and Cymer's market share makes it hard for the company to grow faster than the overall semi-equip marketplace. There's no question that all of this has combined to keep a pretty tight lid on CYMI's share price. I also agree that mgmt might have been more aggressive in expanding the company through acquisition. However, who they might have acquired and how much difference that might have made to their future prospects isn't clear to me. Given the tremendous slump in semi-equip business that was raging 2-3 years ago it isn't reasonable to have expected such a young and relatively small company to have made a major acquisition during that time. Over the past 18 months things have gone well for the industry and for CYMI. If they had made an acquisition is would probably have been a small company with advanced technology. Hard to imagine that such an acquisition would have materially affected the stock. At any rate, I doubt that anyone that has owned this company from its early days or bought in during the semi "depression" did so with the expectation that the company would be going on a major acquisition spree. I think that most folks who bought CYMI did so believing that CYMI would own the DUV biz and that competition among semi mfg's would drive them to lower line widths and larger diameters that would give CYMI a faster growth rate than the overall semi-equip biz. The trouble with this was that older technology proved better able to be "stretched" than most of us thought and the amount of semi-equip capital spending that would support the kind of new business which CYMI needed to meet early expectation just wasn't and isn't sustainable.