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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: Roger Schelling who wrote (115277)	10/15/2000 11:38:43 PM
From: Roger Schelling	Respond to of 120523

Orbotech to spend up to $25 mln on buying own shares Zvika Paz 11.10.2000 18:56 Does a company’s announcement that it is about to buy its own shares testify to a low share price? In Orbotech’s (ORBK ) case, the answer may well be in the affirmative. Among Israeli stocks on Wall Street, Orbotech is one of the most stable fast-growing companies, and its p/e ratio is not sky-high. Nevertheless, its share has taken a dive recently without any explanation, apart from the fact that it operates in the chip sector. Orbotech is the world leader in developing, manufacturing and marketing automated optical inspection (AIO) systems for identifying defects in printed circuit (PCB) manufacturing. The company is also a leading maker of CAD (computer aided design) systems for PCB manufacturing, and a major supplier of optical testing systems for flat panel display (FPD) screens. Orbotech is experiencing expansion in all its operations. Market specialists cite the stable demand for optical testing systems in all the markets in which the company operates, in addition to the rapid growth in the FPD market. Orbotech today announced that it would spend up to $25 million on buying its own shares. “We’ve received the board of directors’ approval to buy shares for $25 million, but there’s no certainty we’ll spend the whole sum on shares,” VP Finance Amichai Steinberg told “Globes”. ”The sum is equal to the amount of cash flowing into the company’s coffers each quarter. As of the end of Q2, we had $160 million in our coffers. It may be several weeks or months before we act on our announcement. Given the current prices, it’s worthwhile buying, and we’re likely to take advantage of this new.globes.co.il Roger