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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Donald Wennerstrom who wrote (54299)	10/20/2011 12:25:12 PM
From: Donald Wennerstrom	1 Recommendation Respond to of 95536

S&P KEEPS BUY RECOMMENDATION ON SHARES OF LAM RESEARCH 9:52 AM ET 10/20/11 \| S&P Marketscope Posts Sep-Q operating EPS of $0.63, vs. $1.52, missing our $0.65 estimate. Sales fell 10% from the Jun-Q, near our view, driven by lower foundry and logic spending. Margins narrowed on less favorable mix and lower factory absorption. We like LRCX's higher exposure to memory than peers, specifically flash memory, and as a result, we think it is likely to witness better order trends than others. We cut our FY 12 (Jun.) operating EPS forecast $1.90 to $1.82, FY 13's by $1.51 to $2.92, and our target price by $4 to $45, on a price-to-sales above peers, but below historical levels.

To: Donald Wennerstrom who wrote (54299)	10/20/2011 12:37:51 PM
From: robert b furman	Read Replies (1) \| Respond to of 95536

Hi Don, That was pretty much Donahue's quote. He is not a pump and dump story kind of CEO. Very steady and cautious with each word. Cohu has many small niche plays as they have gained overall market share with Rasco purchase. As they grind through the tough patch they are building cash and have more revenue in Asia and that has lowered the effective tax rate - which allows for cash build. I expect to see them continue cash build and buy another competitor. As consolidation takes place they will continue to bump up against Advantest which is like saying Ter and Cohu were the same. May be the long term plan - don't know. Unit volume is the back ends friend and smartphones have surely grown opportunies. Not sure on how ipads or netbooks have played out on laptops,but it looks as though ipads were over rated in cannibalization of laptops per Intel's spin. The more markets requiring more mobile data -t he better semi's are. At least there is growth in an anemic market. Leaves hope for better growth in better times. Sooner or later$ 4. 10 in cash per share and 11.20 book value will get us in the teens . In between they are paying 2.2% dividend - that's better than CD's but I'd like to turn some Cohu into Intels' 4 % plus. Tax rates are better with dividends for me. We'll keep watching and slug it out. As alaways I appreciate all or you diligence. Thanks. Bob