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Technology Stocks : FSII - The Worst is Over? -- Ignore unavailable to you. Want to Upgrade?

To: Donald Wennerstrom who wrote (2211)	9/6/1998 5:06:00 PM
From: Donald Wennerstrom	Respond to of 2754

I took the time this weekend to upgrade the institutional holdings of each stock in the group. The last time I did this was approximately 3 months ago. I was surprised at how little change there was for each stock. I don't recall any stock changing by more than 2 to 3 percent holdings, and for most of the stocks, the percent change was less than 1 percent. I can't come up with a good exclamation for the lack of movement. At the bottom of the table, averages are shown. On the average for each stock, 150 institutions hold shares and own 52 percent of the shares outstanding. Many companies have a lot of insider held shares, so that leaves the public definitely in the minority. I also note the spread of holdings across the 41 stocks is very wide. All the way from 97 percent for ETEC to 14 percent for SMTL and NANO. NBR PERCENT SHARES INSTITNS INSTITNS OUTS HOLD HOLD SYMBOL COMPANY (000) SHARES SHARES ETEC Etec System 22,063 235 97 CMOS Credence Systems 21,649 161 90 TER Teradyne 84,002 453 88 LRCX Lam Research 38,219 246 87 NVLS Novellus Systems 34,093 276 84 IPEC Integrated Process Equipment 17,712 149 80 KLAC KLA Instruments 86,873 579 78 WJ Watkins Johnson 8,258 109 71 SVGI Silicon Valley Group 32,570 147 69 EGLS Electroglas 19,723 142 69 ASYT Asyst Technologies 12,149 133 66 ASEC Aseco 3,715 32 64 FSII FSI International 22,910 78 63 BRKS Brooks Automation 10,113 69 60 KLIC Kulicke & Soffa Industries 23,344 206 60 AMAT Applied Materials 365,627 985 60 MASK Align-Rite International 4,466 34 58 PLAB Photronics 24,397 192 56 VECO Veeco Instruments 8,966 90 56 IMSC Integrated Measurement Systems 7,544 28 56 SFAM SpeedFAM 16,118 144 54 HELX Helix Technology 22,217 144 52 GSNX Gasonics 14,169 52 50 LTXX LTX 35,334 74 50 AFLX Adflex Solutions 8,843 59 49 PRIA Pri Automation 19,749 182 48 ATMI ATMI Inc 20,501 134 46 SFLX Smartflex Systems 6,431 21 45 CFMT CFM Technologies 7,931 79 43 COHU Cohu 9,736 92 40 UTEK Ultratech Stepper 21,032 120 35 MICN Micrion 4,063 26 28 PHTN Photon Dynamics 7,321 15 27 CYMI Cymer 28,567 134 26 WFR MEMC Electronic Materials 41,440 86 23 DPMI Dupont Photomasks 15,169 98 19 ASMLF ASM Lithography Holdings 138,000 238 18 MTSN Mattson Technology 14,706 22 17 TGAL Tegal 10,568 25 16 NANO Nanometrics 8,664 18 14 SMTL Semitool 13,792 47 14 AVERAGE 32018 150 52

To: Donald Wennerstrom who wrote (2211)	9/6/1998 5:32:00 PM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 2754

I tried to answer my own question about the reason for institutional holding differences across the 41 stocks. I thought I would see if market cap had anything to do with it. Based on closing prices Friday, the market cap was computed for each stock. Then the table was sorted by descending size of market cap. Nothing pops out at me with the exception of noting that every once in awhile, when going down the column, a relatively low institutional holding will pop out. Candidates are: ASMLF, DPMI, WFR, SMTL, MTSN, NANO and TGAL. Note ASEC, the last one in the table, with 32 institutions holding shares and a $5M market cap. That's an average of $156K per institution. I'll bet that's not the value at which they entered.:) NBR PERCENT SHARES INSTITNS INSTITNS MKT OUTS HOLD HOLD CAP SYMBOL COMPANY (000) SHARES SHARES (M) AMAT Applied Materials 365,627 985 60 8684 ASMLF ASM Lithography Holdings 138,000 238 18 2570 KLAC KLA Instruments 86,873 579 78 1933 TER Teradyne 84,002 453 88 1559 NVLS Novellus Systems 34,093 276 84 852 ETEC Etec System 22,063 235 97 645 LRCX Lam Research 38,219 246 87 449 DPMI Dupont Photomasks 15,169 98 19 413 UTEK Ultratech Stepper 21,032 120 35 337 PLAB Photronics 24,397 192 56 334 SVGI Silicon Valley Group 32,570 147 69 334 CYMI Cymer 28,567 134 26 321 CMOS Credence Systems 21,649 161 90 300 KLIC Kulicke & Soffa Industries 23,344 206 60 277 ATMI ATMI Inc 20,501 134 46 267 PRIA Pri Automation 19,749 182 48 244 WFR MEMC Electronic Materials 41,440 86 23 228 VECO Veeco Instruments 8,966 90 56 226 HELX Helix Technology 22,217 144 52 222 EGLS Electroglas 19,723 142 69 192 SFAM SpeedFAM 16,118 144 54 183 WJ Watkins Johnson 8,258 109 71 167 COHU Cohu 9,736 92 40 163 FSII FSI International 22,910 78 63 145 ASYT Asyst Technologies 12,149 133 66 118 IPEC Integrated Process Equipment 17,712 149 80 111 BRKS Brooks Automation 10,113 69 60 83 SMTL Semitool 13,792 47 14 83 GSNX Gasonics 14,169 52 50 60 LTXX LTX 35,334 74 50 60 MTSN Mattson Technology 14,706 22 17 51 CFMT CFM Technologies 7,931 79 43 49 MASK Align-Rite International 4,466 34 58 47 IMSC Integrated Measurement Systems 7,544 28 56 45 SFLX Smartflex Systems 6,431 21 45 41 NANO Nanometrics 8,664 18 14 37 AFLX Adflex Solutions 8,843 59 49 34 TGAL Tegal 10,568 25 16 30 MICN Micrion 4,063 26 28 25 PHTN Photon Dynamics 7,321 15 27 17 ASEC Aseco 3,715 32 64 5 AVERAGE 32018 150 52 370