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Technology Stocks : Veeco Instruments-Who? -- Ignore unavailable to you. Want to Upgrade?

To: Donald B. Fuller who wrote (1812)	2/10/1999 2:14:00 AM
From: geoffrey Wren	Respond to of 3069

Your tax question answered: there is no wash rule for capital gains.

To: Donald B. Fuller who wrote (1812)	2/10/1999 8:51:00 AM
From: Carl R.	Read Replies (1) \| Respond to of 3069

I did some comparisons with some other equipment makers. Looking at semi-cap companies, most showed year over year declines in the 40-60% range. VECO was down 11%. Next best I could find was TER at -19%. Looking at earnings, of the companies I looked at, only TER and NVLS managed to remain profitable, and neither did as well as VECO. Looking at BTB, I didn't find any that reported BTB as high as VECO's 1.2. Comparing only metrology companies the sales comparisons were: KLAC -41% VECO -11% ZIGO -41% ADEX -67% I can't help but think the street will see this as a tremendous positive. Unlike most of the industry, VECO is making money. They haven't fallen as far as most, and they have strong growth on the horizon (from the BTB). It seems clear to me that this stock is undervalued relative to AMAT and KLAC at these prices. Carl

To: Donald B. Fuller who wrote (1812)	2/11/1999 1:34:00 PM
From: Carl R.	Read Replies (2) \| Respond to of 3069

Some day this stock will probably cream me. With most stocks, lagging the market this badly is a sign that something is fundamentally wrong. But VECO does this all the time, presenting bonus buying opportunities. It is as if the market forgets about them for awhile, then suddenly one day wakes up and says, "hey, this stock is undervalued". Then in a giant leap or two it catches up and rises to a fair value or more. But someday there really will be something fundamentally wrong, and when I load up I'll get creamed. <G> But until then, I'll load up at times like these. Regarding the relative valuation of AMAT and VECO, interestingly, VECO is projected to make twice as much as AMAT this year, and nearly twice as much in 2000 as well. They also are projected to have a higher long term growth rate. Carl