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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (1913)	5/12/1998 7:15:00 PM
From: Clarksterh	Read Replies (2) \| Respond to of 5867

Problem (Big?) - App. Mat. just reported earnings and new orders. They had CMP orders up 60% Q/Q. This is direct contrast to Lam. At the last CC, Lam said they had expected CMP to continue strong, but that they were experiencing weakness, even for their OEM shipments. In addition, it was stated that they thought that other suppliers were also experiencing weakness. Given AMAT's success, it may be that Lam is losing market share in CMP big time. The only way that these facts could be interpreted as better than this are if: 1) The recent pick up in orders (Japan in April, and to a lesser degree, Korea) are ordering large amounts of CMP. 2) The upturn in AMAT orders was only for a different segment of CMP than Lam supplies. 3) AMAT has such a small presence in CMP that a 60% increase represents only an extra 2 or 3 orders. None of these is particularly likely, so ... . Lam really, really, needs to get their act together on the new polisher. Clark