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

To: Curlton Latts who wrote (11899)	12/24/1997 1:41:00 AM
From: Christopher Gates	Read Replies (2) \| Respond to of 25960

Curly, I just can't buy your argument to buy back shares. I think that with their growth the cash on hand will be substantially lower than the $200 million at the end of last quarter. It also doesn't make sense to sell bonds and then buy back stock. In fact it might be unethical/illegal? to make a pitch to the buyers of the bonds that you are going to use the cash to finance growth then turn around and buy back stock. I too am frustrated by the recent price of the stock. In fact I sold a little bit yesterday in order to off set some major Cymer gains earlier in the year. I think that there is a large amount of tax selling and that might be why some of the shorts are still short. It just makes sense that there will be a lot of tax selling at this time. I think that we will see three types of buyers at the begining of the year: 1. Shorts finally covering, tax loss selling season is over 2. People who sold for taxes in early Dec at a loss only to buy back because of the beleif that the stock is down trodden 3. Value investors, The stock is now trading at a very low PE Chris

To: Curlton Latts who wrote (11899)	12/24/1997 8:12:00 AM
From: Robert DeHaven	Read Replies (1) \| Respond to of 25960

Curl Man: It is true Barton flip flops a great deal. I think he and Michael Metz at Oppenheimer are abou the two worst prognosticators in the world. If you did the opposite of what those two said over the past few years it would have been wealth and riches. Enough said. The current situation in Asia IS relative and is going to have an impact on Chip stocks and fabs. Consider * Asia accounts for 50% of all semi conductor capital equipment spendingand 22 % of PC spending. Continuing financial conditions in Korea have been described by "The Economist" as "1929" 40% of their GDP has been wiped out. Though the Korean economy is tiny it is another domino falling in a region where there aren't many domino's left standing. Japan is suffering mightily. * The increased risk of this debacle spreading is great. Alex Brown reports now Taiwanese pricing for foundry wafers is softening. * With the Asian economic decrease in overall wealth and associated purchasing power there will be a necessary contraction in spending both in personal demand for PC's and capital investment. * The expectation of higher earnings estimates are now fears of earnings shortfalls...this is what leads stocks lower. CYMI will in my opinion to continue to outperform....but in what kind of market? If CYMI goes down ANOTHER 5% and the whole market drops 10% or 15% that's outperformance. Longer term is now the only hope IMHO: 98 won't be great...but things will be fine in '99. With all that draconian babble out...again. I remain fully committed and long CYMI for all the reasons you have said: repeatedly. However, you can not dismiss this Asian situation as less than it is. The US economy and the global economy will suffer due to the contractions occuring in Asia. Bet on it. Good luck, Bob

To: Curlton Latts who wrote (11899)	12/24/1997 11:38:00 AM
From: Tulvio Durand	Read Replies (1) \| Respond to of 25960

CYMI needs to jettison Morgan Dean Witter as its lead investment banker and enlist the services of an investment banker that will direct them towards share buybacks and other corporate finance maneuvers designed to enhance the tremendous shareholder value that continues to grow for the Company. Curly, have you tried these ideas on Angus? I am very curious of his his reaction. I agree that Cymer would be better off with another lead banker, but could there be a contractual obligation to MDW that prevents this action? Happy Holidays to you and all. Tulvio

To: Curlton Latts who wrote (11899)	12/24/1997 4:47:00 PM
From: Zeev Hed	Respond to of 25960

Curly, I think that a buy back of any major size would be a mistake. CYMI had just hired a bunch of people and they will need the cash to support the growth they expect. If you remember, we had an argument more than a month ago, it involved the sale of the 25 Dec calls (covered) by a poster and the future price of CYMER. I made a case for a possible valuation by an extremely depressed market of 13 to 15. It seems that my fear of smearing CYMI with the general malaise in the segment was justified. Zeev