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

To: Zeev Hed who wrote (11977)	12/26/1997 1:32:00 PM
From: H James Morris	Read Replies (1) \| Respond to of 25960

CYMER INC COM(CYMI) Bid: 15 1/8 BidSize: 10 Open: 15 1/8 Ask: 15 3/16 AskSize: 10 Close: 15 1/2 Last: 15 1/8 High: 15 1/2 Div.: 0.00 Change: -3/8 Low: 14 7/8 Yield: 0.00 A.High: 49 1/4 P/E: 20.67 Volume: 277800 A.Low: 14 7/8 EPS: 0.75 Why do I feel that I have added to the Cymi's shorts and bears 97 prosperity? A "Broken stock" well named.. Can us Cymi longs, be this wrong?

To: Zeev Hed who wrote (11977)	12/26/1997 8:59:00 PM
From: IMPRISTlNE	Read Replies (1) \| Respond to of 25960

Zeev RE: ".....This is one reason I do not expect a short squeeze to develop in CYMI. There will be a point when these short position will be covered, " Oh....OK.....<g>

To: Zeev Hed who wrote (11977)	12/27/1997 9:57:00 AM
From: John Bloxom	Read Replies (2) \| Respond to of 25960

Zeev: I agree that CYMI mgt was pretty, well, slow-witted, to let MStanley and MS set the strike price of the convertibles so close to the market. But then again, lasers, not financial products, are their area of expertise. Hopefully mgt has learned an important lesson here (among others, not to trust their investment bankers blindly in these matters). I concur in your analysis in part. And in part I don't. The conversion privilege operates as a stop loss only on the short sale. Therefore, short debenture holders will cover just like any other short- when the price begins to recover. Waiting until the price approaches the conversion price makes no sense since during that wait, the gain on the short sale will slowly erode to zero. And as I recall the numbers, the debenture theory can mathematically explain only a small portion of the short position now out there. I see this stock as a year-later, broken-down IPO, on its knees due to the exit of the momentum players, the shorts piling on, lots of the original subscribers having sold at the one year long term capital gain mark, and the debenture effect to which you refer. Those factors, in my view, took the price to $27.00. The Asian mess took us down to $20. Since then margin calls and tax-loss selling have taken us to $15.00. The cool thing about all of this is that of all of these factors, only the Asian mess has anything to do with the company, and the opinion of those more knowledgable than me is almost uniformly that Asia can't afford not to continue buying CYMI's products. To me, all of this sounds like opportunity. I guess that's why I own as much as I do (a truckload). Regards, John