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

To: Darryl Olson who wrote (8140)	11/4/1997 11:35:00 PM
From: Kevo	Read Replies (3) \| Respond to of 25960

Steve/Robert/Darryl/Christopher I addressed this post to those of you who showed interest in what Brett and Jay had to say about Cymer last week. I hesitated in posting this because of how some of the thread members "attack" and misconstrue things...I hope this helps you guys. Brett Hodess + Bill (associate) Montgomery Securities - We thought the quarter they just reported was "fine" - We trimmed our estimates a few cents for the next few quarters based on some higher costs they are going to have based on operating expenses - Feels Komatsu could take part of 90% market share and adversely affect Cymer inventory. Feels early half of 1998 will show inventory status and impact of Komatsu - States technical sources say there are problems. Mentioned alignment stage (vibrations) and lens assembly problem. Feels manufacturing problems are not serious and can be resolved. - We think the company is a very good company but we are a little concerned that given their major customers have been announcing some problems recently that it could impact the the stock a bit with the stock still trading at about 25 times our estimate. - We are going to remain cautious for a while longer until we can figure out what their customers are doing. Jay Dahna + Steve (associate) Morgan Stanley - Total of 462 lasers in inventory (12 Industrial, 150 sold, 300 left which could lead to inventory "pushout") - Feels Cymer's delivery numbers may be a bit "optimistic" - Most likely will meet with Angus for tour of Cymer's production facility the week of 11/03/97 - Feels if Komatsu is successful with their new laser, they could reduce Cymer's market share to approx. 75% *** Both Jay and Brett said they will be in Japan in December and feel they will be able to better assess Cymer's outlook (and the competition) at that time. Good Luck guys... Kevo