Copyright © 2013 Knight Sac Media. All rights reserved.http://www.siliconinvestor.com/subject.aspx?subjectid=3070 Would appreciate anyone's thoughts on this maker of chip handling equipment in light of general sentiment against this sector. It had a blowout 4th qtr Dec 95, beating Street ests by .21, and seems to be an underfollowed stock. Estimate for the March qtr is .7l vis .37. This co. has paid consecut...http://www.siliconinvestor.com/images/Logo380x132.pnghttp://www.siliconinvestor.com/subject.aspx?subjectid=307038013210robert b furmanJust back from the Cohu stockholder meeting ( my 4th). This year my wife and I attended the stokholders meeting at the Poway faciltiy. On the surface, with the delayed first quarter losses being bigger than ever(with the Ismaca acquisition) one would have thought it would be a dismal event. It has been a long tim...http://www.siliconinvestor.com/readmsg.aspx?msgid=289004485/17/2013 1:05:29 PMrobert b furmanGottfried has posted this excellent article over on Don W's thread: seekingalpha.com  Looks like delta's thermal system may be the ramp "from an IDM that will go on all this year". Bobhttp://www.siliconinvestor.com/readmsg.aspx?msgid=288796455/7/2013 9:21:23 AMrobert b furmanManagements report on Q1 which was impacted by the Izmeca acquisition. Orders are picking up as test floor utilization is above 80% for the first time. New types of handlers and market share gains with new customers. Looks like the front end reports from Amat and Klac last quarter about orders troughing also becam t...http://www.siliconinvestor.com/readmsg.aspx?msgid=288705035/2/2013 10:20:03 AMrobert b furmanWith the acquisition of Ismeca and their turret designs,Cohu now addresses the LED sector. Yesterday Veco announced their earnings and gave this comment about the state of LED production levels with some of their clients: "Looking ahead, end market signals in MOCVD are mixed but appear to be trending in a positive...http://www.siliconinvestor.com/readmsg.aspx?msgid=288530974/23/2013 7:52:19 AMrobert b furman2988/ 3088size bid @ 9.25. amazing since 23344 shares have traded. Bid size equals 10 % of the days trade. Bid it up buddy !! Bobhttp://www.siliconinvestor.com/readmsg.aspx?msgid=288435174/18/2013 11:56:04 AMrobert b furmanThere is a size bid @ 9.00 for 5200 shares on this open down morning. Continuing the unusually large size on or below the bid. More covering of short positions.IMO Amat and Klac are green as intel is down 4 cents. No big washout in tech. Hopefully we'll see a rotation of money into tech. Bobhttp://www.siliconinvestor.com/readmsg.aspx?msgid=288355844/15/2013 9:39:47 AMrobert b furmanThere is a size bid of 2200 @ 9.50 Considering only 5855 shares have traded in the first 2 hours that shopuold support the price. There is a subtle but persistent squeeze going on here. No Sellers and 398614 shares short as of March 28.2013. Shorts are pretty cool players but in 14 trading days Cohu will announce ea...http://www.siliconinvestor.com/readmsg.aspx?msgid=288287154/11/2013 11:28:40 AMrobert b furmanhttp://www.siliconinvestor.com/readmsg.aspx?msgid=288246244/9/2013 3:40:20 PMrobert b furmanThere is a size of 5000 at 9.00 and 1200 at 9.20. This adds to the string of days where an unusually large bids are of the buy side. Cohu almost always is a 100 x100 bid ask. Some body knows something the way it looks to me. Bobhttp://www.siliconinvestor.com/readmsg.aspx?msgid=288239074/9/2013 10:40:10 AMrobert b furmanThere is a size of 2500 @ 9.15 - a large size considering only 22982 shares have traded all day. Don't know if it is short covering before earnings or dip buying - but dippers usually do not show that big of a size. I think each day has these big sizes and it is a result of wanting to cover a short position before Co...http://www.siliconinvestor.com/readmsg.aspx?msgid=288225194/8/2013 2:47:26 PMrobert b furmanThere is a size of 1749 bid at 8.0 . That looks like it might have snagged 600 earlier at the open. Bobhttp://www.siliconinvestor.com/readmsg.aspx?msgid=288176194/5/2013 11:04:19 AMMr. SunshineBob, I agree that COHU is an incredible buy at $9. Might have to sell something and get more.http://www.siliconinvestor.com/readmsg.aspx?msgid=288165024/4/2013 6:10:34 PMrobert b furman4000 size bid for Cohu at 9.06 slowly filling. considering only 8518 shares have traded - that's an unusually large size. more short covering on a down day - always the easieist to get it on. Bobhttp://www.siliconinvestor.com/readmsg.aspx?msgid=288134484/3/2013 11:20:14 AMrobert b furmanNear the close of the day yesterday,there wer 5 10,000 share blocks all trading at 9.20. One never knows the who or why,but my bet is it is continued short covering. When/if all of the handler businesses reflect a better demand for their products Cohu ids going to be a 500 - 600 million revenue company. The price of...http://www.siliconinvestor.com/readmsg.aspx?msgid=288130984/3/2013 8:49:01 AMrobert b furmanWONDER HOW THAT SELLER FEELS AFTER PURGING 20,000 SHARES, and then seeing it pop right back up. screencast.com  Never show the size of your sale - it makes the market maker think like criminal. sheesh Bobhttp://www.siliconinvestor.com/readmsg.aspx?msgid=287516722/28/2013 10:30:02 AMrobert b furmanhttp://www.siliconinvestor.com/readmsg.aspx?msgid=287516392/28/2013 10:16:45 AMrobert b furmanhttp://www.siliconinvestor.com/readmsg.aspx?msgid=287459762/25/2013 4:33:37 PMrobert b furmanCHART UPDAT: DISREGARD PREVIOS POST !!! UGLY ENGULFING CANDLE REVERSED ALL PREVIOUS CROSSOVERS !! screencast.com  On a measely 18,000 shares. These low volume stocks are just so easily moved around by next to no money!!!http://www.siliconinvestor.com/readmsg.aspx?msgid=287458542/25/2013 3:43:31 PMrobert b furmanhttp://www.siliconinvestor.com/readmsg.aspx?msgid=287451462/25/2013 11:13:26 AMrobert b furmanCHART UPDATE : First close over the 50 day since Dec 11 th and the 144 has crossed up over the 200.The Macd has made a positive crossover since January 7th. All positive events IMO stockcharts.com  Bob It was a pretty close - that I suspect dissolves on Monday.http://www.siliconinvestor.com/readmsg.aspx?msgid=287415442/22/2013 4:46:27 PMrobert b furmanHi geoffrey, My first purchase was in 1978.sigh getting old. I think my perpetual bullish cheerleading has run almost every one off. I'd give up on this stock,but it takes time to accumulate strength. Cohu has always been hard to own and I suspect the MM will keep it that way. Always buy on fear when major di...http://www.siliconinvestor.com/readmsg.aspx?msgid=287413762/22/2013 3:42:26 PMgeoffrey WrenCohu was one of my first stock purchases in around 1988 or so. I added to my position and it did well for me. I did get out of the stock completely by 2002 or so (as with most technology), but continue to follow the stock. It seems that management integrity is very high with the company. I think management is very c...http://www.siliconinvestor.com/readmsg.aspx?msgid=287412772/22/2013 3:02:37 PMrobert b furmanCHART UPDATE : stockcharts.com  I like the reversal happening in Macd. This stock just seems to dance to the beat of a different drummer - perhaps it is the LED venture in Ismeca? stockcharts.com  The global LED lighting market is expected to grow from EUR 7 billion in 2010 to EUR 40 billion in 2016 – a compoun...http://www.siliconinvestor.com/readmsg.aspx?msgid=287407992/22/2013 12:01:13 PMrobert b furmanhttp://www.siliconinvestor.com/readmsg.aspx?msgid=287254582/14/2013 10:16:09 AMrobert b furmanAmat confirms what Lrcx and Klac have indicated - orders for semi equipment have increased. reuters.com  This will impact Cohu and test handlers in about a quarter (for orders). We've made it through another trough !!! Now let's grab a new gear. Bobhttp://www.siliconinvestor.com/readmsg.aspx?msgid=287253662/14/2013 9:50:17 AMrobert b furmanI believe it will take a nice bump in revenue. We have pick and place ,thermal subsystems ,gravity,turret and now LED. A 10 % pickup in each will give us 35 - 50 million more. WE are at trough levels now. Let's hope that Amat sees an uptick in orders this afternoon also - that will begin the turning of the ship. B...http://www.siliconinvestor.com/readmsg.aspx?msgid=287231332/13/2013 10:11:11 AMMr. Sunshine<<Just one more good cycle is all we need.>> Amen to that! With the market at multi-year highs, I am selling some of my fully valued stocks, taking some profits - and a few losses - to buy a house. COHU is not one of my sells yet, as I believe it is undervalued. The question is will Mr. Market ever figure that out.http://www.siliconinvestor.com/readmsg.aspx?msgid=287219022/12/2013 5:40:03 PMrobert b furmanHi Mr. Sunshine, Cohu is a hard stock to own, in a very cyclical business. It has huge ups and downs. I've owned it for over 30 years and they've cost me a lot of money - but in the long run - they've made me a lot of money. Donahue has been the driving force for all of those years - he's good and he has some sharp...http://www.siliconinvestor.com/readmsg.aspx?msgid=287063312/4/2013 5:54:54 PMMr. SunshineBob, whenever i have any doubts about COHU all I need to do is read your posts. Thanks!http://www.siliconinvestor.com/readmsg.aspx?msgid=287061822/4/2013 4:44:14 PMrobert b furmanYes it looks better up at this consolidation level. Future orders and backlog are horrible. I think Donahue has made an excellent purchase with Ismeca. He has actually been quite acquisitive but with many small buys. One saved the day several years back when they got into thermal burn-in boards it was almost al...http://www.siliconinvestor.com/readmsg.aspx?msgid=286989211/31/2013 4:28:07 PMThe OxCOHU sure looks like it wants to go higher but it might be tough sledding with a lot of overhead resistance above. Certainly a much better looking chart now then the way it looked back in early November!http://www.siliconinvestor.com/readmsg.aspx?msgid=286988681/31/2013 3:58:19 PMrobert b furmanHi OX, Nice to have some one over here to have a dialogue with. I've run eveyone else out I guess. The entire sector has been bludgeoned. Good to see Klac say orders have improved.Hoping for the same on Feb 13 with Amat. About a quarter or two later the back end will feel it - but I suspect the stock price wi...http://www.siliconinvestor.com/readmsg.aspx?msgid=286988581/31/2013 3:52:05 PMThe OxIf you back out their cash, the price to sales is around 0.8. Very, very attractive, even if they do need the sector's orders to start gaining momentum. (EDIT - P/S closer to .8 not .5 as originally displayed....but the post is still the same)http://www.siliconinvestor.com/readmsg.aspx?msgid=286986071/31/2013 2:18:07 PMrobert b furmanCohu's Q 4 and EOY 2012 EPS report. investorcalendar.com  Semi orders are down 55% and Cohu's orders are down 15%. Business is not robust and utilization rates (70-75%) do not require Capex order. Technology (advanced) orders are coming from mobility. Ismeca will now get pick and place production in Malaysia. Ism...http://www.siliconinvestor.com/readmsg.aspx?msgid=286982061/31/2013 12:10:40 PMrobert b furmanWith new highs in the Russell and transports,Klac doing better with orders - not so with klic (back end may be delayed a quarter, If I was a short - I'd be getting nervous. This week Cohu has traded on very light volume and yet there are many short shares out there beckoning to be covered. nasdaq.com  Could be a dri...http://www.siliconinvestor.com/readmsg.aspx?msgid=286940611/29/2013 3:38:59 PMrobert b furmanCohu is up $1.06 breaking up through the summers resistance at 10.80. COHU OVER $11.00 putting in a 10% up day. screencast.com  Who'd a thunk it. As we all know it is risky playing illiquid stocks - both long and as shown today short. Live by the sword die by the sword. Gotta tell you all I'm very surprised. Ell...http://www.siliconinvestor.com/readmsg.aspx?msgid=2861302012/18/2012 3:42:32 PMrobert b furmanhttp://www.siliconinvestor.com/readmsg.aspx?msgid=2861293112/18/2012 3:05:35 PMrobert b furmanscreencast.com  Cohu has benefitted from both the strong market and the Ismeca acquisition. If you have not heard the acquisition web cast - be sure to listen to it. They have bought another company at what appears to be an excellent price ( albeit before the cycle trough proves to be behind us - that's how you sp...http://www.siliconinvestor.com/readmsg.aspx?msgid=2859675612/11/2012 10:54:23 AMrobert b furmanCohu acquires Ismeca from schweiter ind. for 54.5 million. ir.cohu.com  Vhttp://www.schweiter.ch/media/userfiles/anualreport2011_english.pdf Ismeca has manufacturing in China for kits and manufac turing in Indonesia - hopefuloly for every thing. Ismeca had revenue of 82 million 88 million chf (swiss francs). They ...http://www.siliconinvestor.com/readmsg.aspx?msgid=2859549612/10/2012 3:44:16 PMrobert b furmanhttp://www.siliconinvestor.com/readmsg.aspx?msgid=2857830312/1/2012 6:32:05 AMEACarlRE "8 and change to 10 is 15 % - not bad" True enough. Call me crazy but the optimist in me thinks it has a chance for $15 next cycle peak. But.......I was overly optimistic last cycle. I thought ~$22 was possible, but $17 was it.http://www.siliconinvestor.com/readmsg.aspx?msgid=2857734611/30/2012 3:24:48 PMrobert b furmanCohu up 5.73 % today. We are so pummeled with poor price performance that we're in denial. Scary isn't it. Sure signs of a bottom - hit it in the head tomorrow. Another sure positive sign. Buy the dip - 8 and change to 10 is 15 % - not bad.LOL Bobhttp://www.siliconinvestor.com/readmsg.aspx?msgid=2857591011/29/2012 10:00:49 PMrobert b furmanHi Eric, I've been overwhelmed with finishing my building remodel as winter is setting in here in Wisconsin. Cohu's investor presentation puts its tangible book value right at 8.00 ish. The stock has made several swings to just over 10.00 and finds supply or selling. If bought around 8.00-= 8.25 it will yiel a 20% ...http://www.siliconinvestor.com/readmsg.aspx?msgid=2855717011/19/2012 9:20:01 AMEACarlSpeak up Bob, it's not like you to be shy. ;-) I've been doing a lot of analysis lately on what's looking like "cheap" tech stocks. Not "blood in the street" type cheap (because I've seen them lots cheaper), but cheap none the less. Anyway after finding a couple new stocks that I like which I hadn't owned before, I lo...http://www.siliconinvestor.com/readmsg.aspx?msgid=2855336011/16/2012 3:26:30 PMrobert b furmanhttp://www.siliconinvestor.com/readmsg.aspx?msgid=2854665911/14/2012 9:14:07 AMrobert b furmanTo all on thread: A good read oon our conservative under covered gem: seekingalpha.com  Bob Looking to reload on any dip into the 8's which is tangible book value.http://www.siliconinvestor.com/readmsg.aspx?msgid=2846906210/12/2012 10:59:12 AMrobert b furmanHi Mr Sunshine, Yes I had sold 20 puts @ an exercise price of 10 for around $1.00. Those were put to me in July or June. I have since sold them for 10.05 and am hoping to reload as Cohu makes its usual dip before earnings. Looking at February 10's for 1.25??? Or just buy the stock @ 8.75 ish. Always good to...http://www.siliconinvestor.com/readmsg.aspx?msgid=2845688310/6/2012 4:30:17 AMMr. SunshineBob, you still selling puts on Cohu? We have not enjoyed the rise along with the overall market, so COHU, and Semis in general, still are relative bargains. Keep the faith!http://www.siliconinvestor.com/readmsg.aspx?msgid=2845654610/5/2012 8:33:04 PMrobert b furmanhttp://www.siliconinvestor.com/readmsg.aspx?msgid=283993459/11/2012 10:14:32 AMrobert b furmanChart update: screencast.com  Bob Hoping Amat's earnings/ guidance tonight can shed some positives on the sector!http://www.siliconinvestor.com/readmsg.aspx?msgid=283374878/15/2012 11:20:37 AM