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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Big Bucks who wrote (24149)	9/11/1998 4:22:00 PM
From: Big Bucks	Respond to of 70976

Of Interest: semibiznews.com A service of Semiconductor Business News, CMP Media Inc. Story updated 1:30 p.m. EDT/10:30 a.m. PDT, 9/11/98 Cymer restructures, cuts workforce by 12% SAN DIEGO -- Cymer Inc. here today announced today that it will reduce its global workforce by about 12% as part of a restructuring plan in the face of lagging business in the beleaguered semiconductor industry. The maker of excimer lasers for deep-ultraviolet photolithography systems expects total revenues for the third quarter to be 10% to 15% lower than those for the second quarter. But it said it believed its cost-saving measures would still allow earnings for the third quarter to be near current Wall Street expectations. A total of 98 positions will be eliminated, most of them at the company's San Diego headquarters, resulting in a worldwide headcount of 713. Senior executives' salaries will be reduced by 10%. "We are currently in a highly volatile, rapidly changing market environment that continues to be affected by capacity issues in the semiconductor industry as well as the economic situations in Japan, Asia and the rest of the world," said Robert Akins, president and CEO of Cymer. "Over the past several months, we have instituted a number of cost-reduction programs. However, in response to the prolonged downturn in the industry, it has become necessary to restructure for an even lower business volume in the near term. Our goal with this restructuring is to reduce our overhead structure and improve our efficiencies, while continuing to make sound investments in the resources that can provide for the long-term competitiveness and growth of Cymer." .......... BB

To: Big Bucks who wrote (24149)	9/11/1998 4:31:00 PM
From: akidron	Read Replies (1) \| Respond to of 70976

I see I am getting credit for calling a depression... It's undeserved. My view is that a depression can be avoided.... just.... by a huge world-wide demand stimulous, and massive forgiveness of debt by US banks. The trouble is that I don't see it happening. The market may go up a few hundred points as the strong come out of the woodwork (choreographed no doubt) and say they're doing OK, but in the end the market will reflect the reality, that demand is crumbling and our banks have once againt lent irresponisbly.... in fact the longer reality is hidden, the harder the market will fall.... sounds like a song.... "they tell me there's a pie up in the sky, waiting for me when I die..... but the harder they come, the harder they fall ---- ONE AND ALL"