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

To: FJB who wrote (21822)	4/27/1999 4:03:00 AM
From: Mani1	Read Replies (1) \| Respond to of 25960

My take on the CC, Positives, Tremendious results in manufacturing and R&D. EUV generating a lot of interests. Demonstrated 3000 Hz Kripton Flouride laser! Wow! BTB of 1.33 Strength in Japan expected increase in revenues from "upgrade kits" competition only successful at the low end targeted towards 0.25 (not 0.18) Negatives price competition. This is real big, did not like comments like "price war" and "sometime cheapest is most attractive" 10% increase in customer's inventory (I was hoping we would see a decrease) 5 to 10 cents expected loss Cymer remains a world class operation and I would not want to be the company competing with it. I am guessing that we are going down at the open. Mani

To: FJB who wrote (21822)	4/27/1999 6:07:00 AM
From: Justa Werkenstiff	Respond to of 25960

Bob: Re: "It was a good call for the most part. The only negative I heard was price competition." I would say the numbers posted (earnings and backlog) were better than the call. A & A made it one of their opening points in their prepared statements to talk about loss of market share and price competition. They then devoted more time to tell us about their value added strategy to combat this tendency. The placement of this issue in their presentation at the top of the list and the overall time devoted to this issue caused the analysts to sit up and take notice of this fact during the Q & A. They thought they saw a big red flag being waved in their face. Analysts were thinking: "Hey, I knew about this market share stuff already and I knew about Cymer's value added strategy so why are these guys making such a big deal about this unless it has become a big deal in which case I should discover the real deal." While A&A had the best of intentions in raising and discussing this issue, their manner of presentation and the emphasis they put on this issue may have unintended consequences in the way some analysts view this company short term.