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Technology Stocks : Etec Systems moving up -- Ignore unavailable to you. Want to Upgrade?

To: jeffbas who wrote (1029)	7/14/1998 3:56:00 AM
From: The ChrisMeister	Read Replies (1) \| Respond to of 1279

"...The semi makers need money to buy equipment." I see it a little differently. The semi makers have to spend money to stay competitive in order to make money. I don't really care a whole lot about how much they're losing currently, as long as their lines of credit are OK. ETEC is like the arms merchant selling to all combatants. If XYZ Corp is doing poorly with old equipment, they almost have to upgrade. Even if it hurts their pocketbook, because they want to stay in the game until this down cycle turns around. ChrisMeister

To: jeffbas who wrote (1029)	7/14/1998 11:19:00 AM
From: Eric Jorgenson	Respond to of 1279

Any comments on Needham & Co's downgrade from buy to hold?

To: jeffbas who wrote (1029)	7/15/1998 10:47:00 AM
From: T.Sherman	Read Replies (3) \| Respond to of 1279

Jeff, I had this discussion with the COO of ETEC and the consensus is that there are two types of customers for ETEC, companies that make photomasks for themselves like Intel and companies that manufacture for others such as Dupont Photomask. If the companies that manufacture for themselves can't get budget approval for their capital expenditures, then they will "have" to go to the job shops for their photmask needs. Therefore it is not a question of "if they will order the equipment, it's a question of who is going to order." He also indicated that there has never been a lessening in unit demand, on the contrary, there is still a sharp growing demand.