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

To: Rustam Tahir who wrote (20080)	10/28/1998 2:06:00 PM
From: Proud_Infidel	Respond to of 25960

Cymer Inc. (CYMI) 11 3/4 -1/8: Adams Harkness maintains "market perform" rating on provider of excimer laser illumination sources, but lowers estimates; demand continues to weaken as book-to-bill was 0.15 and lead times have shrunk from 90 to 60 days; high level of inventory at customers sees to have aggravated the drop in orders; lowers FY98 EPS estimate from $0.25 to $0.13 a share and FY99 EPS from $0.29 to loss of $0.10 a share.....

To: Rustam Tahir who wrote (20080)	10/28/1998 2:14:00 PM
From: Doug Meetmer	Respond to of 25960

You cannot really use PE to evaluate deeply cyclical stocks like the Semis. I would argue that a high PE is a better buy point. Even in Peter Lynch's famous book he says that you buy cyclicals when the PE is high and sell them when the PE is low. Usually a low PE means people are expecting that the earnings are about to fall into the toilet. If you want to look at anything, look at expected FUTURE earnings and PEs.

To: Rustam Tahir who wrote (20080)	10/29/1998 11:59:00 AM
From: Clarksterh	Read Replies (1) \| Respond to of 25960

Rustam - Now I don't know whether to be heartened or saddened by the company's claim that less than 25% of all wafer fabrication is by a DUV light source. My primary fear is that if the small number of lasers sold was able to develop such a large share of the market, then don't expect too much growth in the future. Actually what they said was that 25% of all layers are made with DUV, but it wasn't clear to me whether this was in chips that are smaller than 0.25u or in all chips. I strongly suspect the former, not the latter, since there are still quite a few people out there using >0.25u feature size. Anybody know? Clark