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

To: Zeev Hed who wrote (21865)	4/28/1999 9:40:00 AM
From: WTSherman	Respond to of 25960

Zeev, I agree with you 100% that the company has to have a 3-5 year plan that is more than just the "light bulb" business. If they don't, you are absolutely right about the valuation of the company moving from that of a growth co. to that of a cyclical. That said, I'm always worried when management's make acquisitions. Especially, when you consider that something like 75% of the time the acquisition is long term dilutive(basically just doesn't work well for the acquirer). Rather than trying to acquire fully functional co's, I would think that some minority investments in smaller embryonic co's might pay off better 3-5 years from now. You can make more investments with this type of strategy and, if you structure them correctly, you leave open the opportunity for a complete acquisition.

To: Zeev Hed who wrote (21865)	4/28/1999 10:16:00 AM
From: Robert Douglas	Respond to of 25960

Zeev, While I don't quite agree with you that Cymer would be accorded a lowly 1.0 PSR, I do agree with you about the use of their cash. Buybacks should be done with excess cash flow generated from continuing business, not from money raised from equity or debt offerings. In truth, management is no better at timing market purchases of their stock than you or I. I would rather see the cash sit in the bank as a cushion, used for future expansion, or used for development of new products. What long-term good did the first Cymer buyback have? It made a few in and out traders happy but had no lasting effect. -Robert

To: Zeev Hed who wrote (21865)	4/28/1999 1:09:00 PM
From: Curlton Latts	Respond to of 25960

Re: ra ra - I am not a parasite trying to scare people into selling their undervalued stock. Little tiny Cymer has almost 22,000 messages - 3rd or 4th out of all the semiconductor stocks. 21,000 of those messages is of the "Oh my - oh my, I'm afraid" variety. It is rather obvious. The way of the bear seems to be to pollute internet chat threads with nonsense and false rumors. That is a high sign that big money will be made on the long side. Someone fears this stock going up. That ensures that it will. Good Luck To Each And All Curly ~~~~~~~^^ [6.6] .....> [_]