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

To: Gemini who wrote (8457)	11/6/1997 4:12:00 AM
From: Mr. Aloha	Read Replies (1) \| Respond to of 25960

I was meaning to say that the company could announce a buyback but not actually buy shares. There was a rumor that Intel was going to announce an aggresive buyback program recently, but the company said that weren't going to add to their current plan underway. The Board could approve a buyback for a lengthy period of time before the option to purchase shares expires. I don't think CYMER will do any such thing but probably should if it didn't affect the notes. Aloha

To: Gemini who wrote (8457)	11/6/1997 4:27:00 AM
From: Mr. Aloha	Read Replies (1) \| Respond to of 25960

Regarding Note holders shorting shares... There is no direct benefit of the note holders to create a short position anymore than other investors, other than option of the note holders to limit losses with the right to cover a short moving above the short price with the $47 stock option. (i.e. They short at $40 to protect the $47 conversion right and the stock takes off to $50 instead of moving down as expected. They can cover the short with the $47 stock (NOT UNTIL 11/5/97) instead of going to the market and buying $50 stock. The short figures for the month of August and September are not very large. Given the dramatic news, rumors and high price multiples in August and September, one would imagine significantly more shares short than actually occured. Approx. 1 million shares short with all the volume and 3+ million shares in notes is really nothing. It's easy to look back and create what-if scenerios based on what we know and see now, but I doubt many were predicting the price would fall from $49 to $25. I personally see no connection in the Notes and current price. I think we're bouncing off the bottom right now. host.telescan.com Aloha