EUV Continues Roll Out With Lumpy Quarters Ahead

EUV Continues Roll Out With Lumpy Quarters Ahead
by Robert Maire on 04-20-2018 at 12:00 pm

ASML put up good results with revenues of Euro2.285B versus street of Euro2.22B and EPS of Euro1.26 versus street of Euro1.17. Guide is for Euro2.55B versus street of Euro2.46B but EPS of Euro1.16 versus street EPS of Euro1.35 on lower gross margins, slipping from 48% to 43%.

A couple of EUV systems have slipped out. This is not surprising… Read More


Do investors understand the new memory paradigm?

Do investors understand the new memory paradigm?
by Robert Maire on 10-11-2017 at 7:00 am

Micron put up a great quarter beating both quarterly expectations and guidance. Even though the stock was up 8% and we still think it has a long way to go as investors have not fully embraced the upside ahead in the memory market.… Read More


Samsung Sloppy Sailor Spending Spree!

Samsung Sloppy Sailor Spending Spree!
by Robert Maire on 07-31-2017 at 12:00 pm

Last week, TEL (which is the Japanese equivalent to AMAT & LRCX) reported a June quarter which saw revenues drop to 236B Yen from March’s 261B Yen and saw earnings drop from March’s 47B Yen to June’s 41B Yen, a respective 9.3% decrease and a 12.8% decrease in earnings.

We don’t think this is attributable… Read More


AMAT LRCX and EUV Economics

AMAT LRCX and EUV Economics
by Robert Maire on 11-23-2016 at 7:00 am

Lam & Applied talked about “sustainable” growth Both expect share gains & growth in a flattish market. We examine the “new, lower, cyclicality”. Although Applied and Lam are fierce competitors , coming at things from different directions, they sounded awfully similar last week.
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LRCX AMAT KLAC Update

LRCX AMAT KLAC Update
by Robert Maire on 11-20-2016 at 12:00 pm

Applied & Lam will be talking over the next 2 days, investors should/will focus on future growth, AMAT after display uptick & LRCX post the KLAM fail.

It’s no secret that most of the upside surprise in Applied’s recent reports were due to unusually large display orders from an industry even more cyclical than… Read More


The KLAM deal has died now how will KLAC and LRCX recover? (2 of 3)

The KLAM deal has died now how will KLAC and LRCX recover? (2 of 3)
by Robert Maire on 10-09-2016 at 12:00 pm

As we had been suggesting the merger deal between KLAC and LRCX has failed. It obviously ran into too many complications, costs or other issues to continue. Unlike the Applied TEL deal which went on for a staggering 18 months before calling it quits in this case 12 months was enough to figure out it wasn’t getting done.

In our … Read More


KLAM Kommentary – Assessing the political landscape of approval

KLAM Kommentary – Assessing the political landscape of approval
by Robert Maire on 09-16-2016 at 12:00 pm

LRCX & KLAC’s merger continues to be closely watched given the recent turns and reversals we have seen which call into question the ability to get the deal done. The deal was announced in October of 2015 and we are on our second request from the DOJ and the deal will almost certainly go beyond the Oct 20th, one year deadlineRead More


Further delays in KLAM deal not a good omen

Further delays in KLAM deal not a good omen
by Robert Maire on 08-14-2016 at 4:00 pm

Deal likely getting worse as time & remedies go by…
Just a couple of short weeks ago on the earnings conference call, Lam management was adamant about the KLAM deal getting done and done by the Oct 20th deadline. Martin Anstice, the CEO , went to great lengths to tell us that the deal was under control, was going to happen,
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Lam beats on EPS & Revs and good Q1 (Sept) guide

Lam beats on EPS & Revs and good Q1 (Sept) guide
by Robert Maire on 08-10-2016 at 7:00 am

Continues to Outgrow in a Flat Capex Environment. Is September the 2016 Peak with a softer December? Lam reported June, Q4 , revenues of $1.55B and EPS of $1.80, handily beating estimates and besting relatively high expectations for a positive spin and outlook for H2. Guidance was for a Sept quarter of $1.625B in revs and $1.77 in Read More