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

To: James Connolly who wrote (6013)	10/23/1997 5:12:00 PM
From: Patient Engineer	Read Replies (1) \| Respond to of 25960

Excellent report. I couldn't ask for more. EPS 2 standard deviations from the mean and above the highest estimate. Bullish statement about continued quarter to quarter growth. Capacity no longer the issue which puts them in a good position to combat Komatsu et al. Conservative accounting as they build reserves for their continuous improvement program. This reserve could equally be called their "earnings smoothing program" as they will be able to reverse the reserve if they ever reach any kind of hiccup in manufacturing. I reiterate my earlier comments that competition from Lambda Physiks is the only fundamental threat. I do think that the former heady days of huge PEs are behind us as there is now too much FUD around the DOE's little venture with Intel et al. Isn't it galling that Cymer finally starts paying a full tax rate in exactly the same quarter that the government announces that it is going to try to nationalize the EUV laser business? Look for the stock to fall tomorrow and buy more. Though the fundamentals look fantastic, the market is primed surprise no matter what.