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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets! -- Ignore unavailable to you. Want to Upgrade?

To: Dale Knipschield who wrote (10347)	5/2/2002 1:30:33 PM
From: BWAC	Respond to of 10921

Not CYMI. Fine company but not CYMI. Puts?

To: Dale Knipschield who wrote (10347)	5/2/2002 1:40:40 PM
From: Cary Salsberg	Read Replies (2) \| Respond to of 10921

RE: "...what should we be buying?" After long hours of careful thought, AMAT, ASML, KLAC, NVLS, ALTR, XLNX, LLTC, MXIM, at the right prices of course.

To: Dale Knipschield who wrote (10347)	5/2/2002 2:21:13 PM
From: Robert Douglas	Read Replies (3) \| Respond to of 10921

Surely not CYMI with its PE of 478? (429 as of this hour). You never try to value a company at its cyclical trough with a P/E ratio. It is meaningless at best and deceptive at worst. Take a look at these 4 equipment companies. I use their present market cap divided by their peak sales: NVLS 5.2 times peak sales. KLAC 5.0 times peak sales. AMAT 4.1 times peak sales. CYMI 4.3 times peak sales. Now look at how their sales are faring in this downturn. NVLS last Q. down 62% KLAC last Q down 42% AMAT last Q down 63% CYMI last Q down 32% Clearly CYMI is holding sales levels better than their peers in the industry. They are much more likely to surpass their last peak level of sales, IMO, in the coming cycle. I say a strong case can be made that even at these high levels, Cymer is the best buy among the four.