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

To: william Velmer who wrote (395)	2/8/1998 2:06:00 AM
From: Pierre	Read Replies (2) \| Respond to of 582

I attended an investor forum today (Saturday) in San Diego. Cymer was one of the presenters. In the course of a slide presentation a list of all end users (chip makers) was displayed - but too quickly to take notes. I asked them to send me a copy and they said they would. Just a couple of things that I recall as noteworthy: * Angus repeatedly emphasized major exposure to Asia; * 82 cymer powered steppers now producing chips in commercial quantity; * regarding push outs - the lasers are not fungible, at least not near time of shipment. Early in production process they can be reallocated fairly easily, but once about half-way through (my estimate) they are customized to the extent they require major reworking to reallocate. * Technology continues to push the frontiers of mercury and duv. Cymer has no control over that. I line will continue as major player. * Cymer committed to extensive R&D - will go up as a % of revenue next year. Angus says only way to stay viable. * Globalization of maintenance and repair facilities continues unabated. Stepper down time must be limited to hours, preferably fractions of an hour. R&D plus maintenance and repair facility ramp up will be a "significant drag on earnings" (Angus' wording) at least through '98. Sorry not more detailed, but I went to listen to Qualcomm. They didn't show, so decided to listen to yesterday's nightmare<g>. All in all, Angus sounded cautiously upbeat. My impression was they have taken the Wallstreet beating somewhat personally. Angus reportedly (I didn't hear it) mentioned that Jay Deenah (sp?) heard from some irate shorts when he upgraded Cymer. Pierre