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

To: Brian Malloy who wrote (15992)	3/24/1998 5:52:00 PM
From: FJB	Respond to of 25960

Brian, Just so people don't get confused. The list of customer's in production with excimer lasers was expanded in the last CC. While Bill is looking it up, Lenny, let me complete my answer to you earlier. Prior to the fourth quarter 97 we had been remarking in response to questions that Samsung was in our frank opinion, the only company that had a deep-UV in full production. And now, this is not a complete list, but we discussing this earlier today, that we need to add to that list NEC, and Hiroshima in Scotland, Mitsubishi Electric in [unintelligible], Toshiba in [unintelligible], the IBM-Toshiba partnership in Manassas, Virginia, and IBM U.S. as well, should all be considered to have these tools in full production. Message 3309897 Bob

To: Brian Malloy who wrote (15992)	3/24/1998 6:11:00 PM
From: W.R. Stolizino	Read Replies (3) \| Respond to of 25960

Greetings all! Today I decided it was time to dump the CYMI common, although I still maintain an options position. Why? Opportunity costs, my friends. When I scan the horizon and see something like CPQ coming off a bottom, essentially the same PE as CYMI and a core holding in every fund portfolio from tech to growth to value to everything but speculative, indeed an institutional darling, I realize that CPQ is going to go back up to forty with much more force than CYMI. A Fortune 100 company, CPQ will not surrender its position as a dominant maker, marketer, seller and servicer of total solutions .With a full range of products and services, we're no longer talking about a box maker. It reminds me very much of when I started picking up BA 40 leaps when it was trading at 33 (presplit). The same opportunity beckons now. There is no doubt that CYMI is the force to reckon with in its niche. Therein lies the problem. It is in a niche market. It may make $millions per pop and more on service and parts, but the R&D is massive and CYMI will never enjoy significantly increased margins per unit sold because, once the R&D and fab is charged off, the unit is still very expensive to manufacture. Moreover, we're not talking about selling massive numbers of these things, regardless of the rosiest prognostications. - Stoli