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Credence Systems (MM)

Credence Systems (MM) (CMOS)

Closed June 22 4:00PM

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CMOS Discussion

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stickfigurefred stickfigurefred 16 years ago
MILPITAS, CA, Feb 21, 2008 (MARKET WIRE via COMTEX) -- Credence Systems
Corporation (NASDAQ: CMOS), a provider of test solutions for the worldwide
consumer semiconductor industry, announced today that it has entered into a
definitive agreement and closed a transaction to sell its diagnostics and
characterization business to DCG Systems, Inc., an independent company led by
Dr. Israel Niv, the founder of Optonics, Inc. and general manager of Credence's
Diagnostics and Characterization Group from January 2003 to February 2005.

"We are pleased to find a new home for this highly specialized and important
business," said Lavi Lev, president and CEO of Credence. "The products developed
by the Diagnostics and Characterization Group have always been cutting edge, and
are critical for manufacturing process bring-up and diagnostics tasks associated
with advanced semiconductor designs. As Credence focuses on the consumer-based
semiconductor ATE markets, one of our priorities was the continued care of our
DCG customers, and the qualifications of the new management team. We believe DCG
customers will benefit from the focus and experience Israel and his team bring
to the business."

Under the terms of the agreement entered into on February 14, 2008, Credence may
receive up to $10 million for the diagnostics and characterization business,
with $2.5 million, subject to certain adjustments, payable on each of the first
and second anniversaries of the close of the transaction, and the balance
payable on the third anniversary of the close of the transaction contingent on
DCG Systems' achievement of revenue targets. Credence will transfer up to $22
million of book value of assets, including component inventory, fixed assets,
intangibles and various liabilities related to the diagnostics and
characterization business. Credence also will provide reimbursable transition
services for a limited period of time following the closing. In addition,
Credence will fund the fulfillment of approximately $4 million of existing
warranty and service contract obligations through DCG Systems.

Credence closed the transaction with DCG Systems on February 20, 2008. In
connection with its decision to sell the Diagnostics and Characterization Group,
Credence will take a non-cash charge in connection with the terms of the
divestiture of approximately $22 million in the company's just-concluded first
quarter of fiscal 2008. This charge relating to the divestiture is in addition
to anticipated $37-39 million total loss for the first quarter of fiscal 2008,
which includes extraordinary charges totaling approximately $19 million, as
guided in the Company's earnings call for the fourth quarter of fiscal 2007.

"DCG Systems provides the best bridge between the design community and the fab
yield and failure analysis teams with its diagnostic systems and software to
enhance yield ramp, silicon design debug and IC quality," said Dr. Israel Niv,
chief executive officer of DCG Systems. "We intend to focus fully on the
specific needs of our customers as they move to the 45nm technology node and
beyond. We are committed to continuing to provide leading-edge tools,
methodologies and service to our customers in order to meet their ongoing
technology needs."

The newly formed DCG Systems will be headquartered in Fremont, CA, and will
continue to provide leading edge design diagnostics and failure analysis
technologies to key semiconductor companies. Products include the recently
introduced Ruby laser voltage prober, the OptiFIB-IV focused ion-beam system,
the Meridian-IV emission system, and NEXS suite of EDA link software. In
addition, DCG Systems will continue to offer the industry-standard EmiScope,
TriVision and P3X instruments.

About Credence

Credence Systems Corporation (NASDAQ: CMOS) is a global provider of automated
test equipment (ATE) solutions to the high growth, consumer semiconductor
industry. Credence is committed to deliver the highest standards of value -- an
optimal combination of technology, turn-around time, reliability, ease of use,
service and support -- to every customer, which enables important cost and
performance advantages for integrated device manufacturers (IDMs), wafer
foundries, outsource assembly and test (OSAT) suppliers and fabless chip
companies worldwide. An ISO 9001-certified company with a presence in 20
countries, Credence is headquartered in Milpitas, California. More information
is available at

Forward-Looking Statements

This release contains statements that are forward-looking within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements regarding (i)
the payment of the purchase price by DCG Systems to the company; (ii) the belief
that DCG customers will benefit from the focus and experience of a strong
management team, (iii) the critical nature of the mentioned products, (iv) the
charge of approximately $22 million in the Company's recently-concluded first
quarter of fiscal 2008, (v) the Company's anticipated $37-39 million total loss
for the first quarter of fiscal 2008, including restructuring charges, (vi) that
DCG Systems will continue to provide leading-edge design diagnostics and failure
analysis technologies to key semiconductor companies and (vii) that DCG Systems
will continue to offer the industry-standard EmiScope, TriVision, and P3X
instruments. These forward-looking statements involve important factors that
could cause our actual results to differ materially from those in the
forward-looking statements. Such important factors involve risks and
uncertainties including, but not limited to, DCG Systems' ability to
successfully operate the DCG business, unanticipated challenges in assessing
business conditions and the overall market and cyclicality and downturns in the
semiconductor industry, the timing of new technology, fluctuation in customer
demand, timing and volume of orders and shipments, competition and pricing
pressures, and reliability and quality issues. Reference is made to the
discussion of risk factors detailed in our filings with the Securities and
Exchange Commission, including our reports on Form 10-K and 10-Q. All
projections in this release are based on limited information currently available
to us, which is subject to change. Although any such projections and the factors
influencing them will likely change, we will not necessarily update the
information, since we are only to provide guidance at certain points during the
year. Actual events or results could differ materially and no reader of this
release should assume later in the quarter that the information provided today
is still valid. Such information speaks only as of the date of this release.

Credence is a registered trademark and Credence Systems, is a trademark of
Credence Systems Corporation. Other trademarks that may be mentioned in this
release are the intellectual property of their respective owners.

Media Relations Contact:

Brenda Ropoulos

Communications Director

Credence Systems Corporation

Phone: 408-635-4309

FAX: 408-635-4986

E-mail: Email Contact
mike306oh mike306oh 16 years ago
Yep, one of these days! EOM

stickfigurefred stickfigurefred 16 years ago
She's thinking about it daily LOL.

mike306oh mike306oh 16 years ago
Is this puppy trying to move? Why have the shorts have stopped covering?

Same # of shorted shares (5,927,000) as earlier last week? Not good! Does this means shorters expect to dump it again b4 covering? If so, I guess another good loading area will come our way.

Regardless, I don't like the Mgmt silence, especially as we already know that Q1 (still far away) won't be good.

mike306oh mike306oh 16 years ago
Yes, chart start looking good. Near the EOD, it looks like the opperators of NADQ, and cinn (the two main handlers of wash sales in favor of the shorters, it looks like), might have closed their computers 2 minutes b4 the hour. Those two minutes were enough for the stock price to increase from 1.36 to 1.4:

Most of today's activity was Buys (over 60%, and I would argue it's in fact larger than this as many people buy at the bid). The shorters and their handlers won't let it go to easy, however. See the two AH sells, the first @ 1.38, and the second @ 1.3249 (although the bid was 1.38 at the time).

Today another institutional investor posted their Buy SEC filling.

As soon as the handlers (the MM's, and/or some of the institutional shorters) loose their play (for even a short period of time), we should see a nice short squeeze action here. It happens quite often as of late, and the higher the percentage of shorted shares, the bigger the probability this will happen. It's why I'm glad that a still large number of short shares still exist (5,927,000, today's count).

Volume was up today. If it increases further, the handlers will have a harder and harder time controling the price, and we can expect at least a mini short squeeze here.

stickfigurefred stickfigurefred 16 years ago
Nice close and AH action. GLTA tomorrow!

stickfigurefred stickfigurefred 16 years ago
Chart lookin good, getting primed and the bids are stacking imo.

mike306oh mike306oh 16 years ago
Good News! Shorts have started covering:

The shorts are trying (succesfully for now) to keep it down, but any small positive news will trigger a nice short sale avalanche. This will be a good time for the Mgmt. to release a PR (any PR). This, of course, if the Mgmt itself (or their friends) are not involved in shorting themselves, that is.

Regardless, this is poised for a nice upside move from here on.


mike306oh mike306oh 16 years ago
Price/Sales (ttm): 0.27
Price/Book (mrq): 0.52

The good loading zone will come to an abrupt end soon, very soon, IMO.

mike306oh mike306oh 16 years ago
1. Some BOD members got their stock options converted in January:

See the SEC fillings for all those institutional investors who are heavily loading (most probably the same ones that shorted the stock in the first place).

2. Yes, Heavy shorting:

Any good news will no doubt start a very nice (for us) short squeeze action (bad for the shorts).

3. Your prediction for Monday:

4. Opinion:

4.1 Very short-term is hard to predict. It all depends on how succesful are the short traders puting through their usual wash trades. The increased volume toward the EOD today, tell me that the price has a very small probability to decline any further.

4.2 Short-term -- As per above, we might see a nice short squeeze, and a fast (NYNY -type) short lived price increase.

4.3 Medium-term (up to 6 months). Let's see: (i) QoQ revenue (net revenue), (ii) addition of new heavy weight Mgmt, and BOD members alone could put the price @ a new 52 week HoY.

4.4 Long-term (1 year). The last 2 Q's was the first in a while with good net margins (the fall Q has been tradiionally worse for this company than the summer Q, and much worse than the winter Q). Somehow, investors are not yet sure if the last two Q's results were not just an "accident." Should the next several Q's follow the same trend (and knowing quite well their line of business, and the semi equipment and materials sector general trend), I believe the company has already turned the corner). Just look at the YoY net margins evolution over the last 3 years:

By looking at it (and as most predict the sector comming out of their cyclical depression), one can predict a much better 10-K this FY. Just looking at remarcable YoY net margins improvements, can anyone explain the drop in price? This is due a very significant price reevaluation (and most institutional gurus know it, as proven by their heavily loading as of late).

PS: This is not a cheap pump, folks. In fact, knowing Credence and the sector line of business, I certainly wish the price was still going down a bit, as I'm still in the accumulation mode (although with this AN 45K loading I'm approaching 100K shares). The lower it gets, the more shares I can get within my limitted available cash at hand.


stickfigurefred stickfigurefred 16 years ago
That's what attracted me to CMOS was the insiders loading up and the amount of shares short.

I sold NYNY on the run at 2.50, was a very nice play. It may keep slowly climbing now that its back to its base. Will definately keep an eye on it!

mike306oh mike306oh 16 years ago
Did you see all those institutional investors loading heavily here? See the three SC 13G's SEC forms that came out the last few days. The names include: Barklays, Deutsche Bank, and a bunch of fund investors from UK, Germany, Australia, and Canada:

I've been in and out CMOS for the last 7 or 8 years, and although I always came out very nicely, this time around I expect an oustanding return. Once all those super-gurus finish loading, they will not only let it go (right now, they obviously are keeping it down), but they will help it move fast.

From the last several 10-Q's and the last two 10-K's, CMOS looks to me ready to turn the corner in a big way. They had above $80/share (if I recall) several years ago, and I won't be surprised (if the financial momentum is kept) to see well over $20/share by this time next year.

PS: Nice for you to get this board started. In a couple of weeks I predict this will be a very busy MB.

PPS: Did you still kept NYNY? Got my 100K shares (average gain: ~ 120%) out yesterday. Bought some back in the low 1.4's, but sold them right away after the news came. Long term, it will do fine I believe, so I might get back into it.

OptionMonster OptionMonster 16 years ago
Well best of luck to us then Fred!
stickfigurefred stickfigurefred 16 years ago
Exactly, thats what attracted me to it today after reading on that.

OptionMonster OptionMonster 16 years ago
They said they are 1 quarter ahead of schedule in getting that done..May pick up a few at these levels and forget about them for a
stickfigurefred stickfigurefred 16 years ago
Hard to say may have been some management issues, looks like they are streamlining operations though.

OptionMonster OptionMonster 16 years ago
Conference call not very impressive..No mention of a stock buyback..Not smart in my opinion..At these levels they could really suck them up considering they now have $242M in cash...
OptionMonster OptionMonster 16 years ago
Hard to believe this use to be a $158 stock!
OptionMonster OptionMonster 16 years ago
This will show you who just dumped 1.8M shares just the other day..
OptionMonster OptionMonster 16 years ago
Do not think so..About to dial in and listen to the conference call..Be back soon...
AugustaFriends AugustaFriends 16 years ago
Are they dumping shares?
OptionMonster OptionMonster 16 years ago
These guys filed today....8,103,274 7.9%

These guys filed yesterday...7,427,976 7.34%

These guys filed 2/4/2008....5,763,669 5.65%

These guys filed 1/23/2008....10,033,265 9.91%
OptionMonster OptionMonster 16 years ago
Intresting at a 52 week low with this....

For fiscal 2007, net sales were $461.1 million, down 6.5 percent from net sales of $493.4 million in the fiscal year ended October 31, 2006. The company achieved a net profit for fiscal 2007 of $12.5 million, or $0.12 per share. This represents the company's first profitable year in six years. This compares to a net loss of $481.6 million, or $4.82 per share in fiscal 2006. In addition, Credence more than doubled its cash and investments on the balance sheet to $242.1 million, compared with $102.8 million at the end of fiscal 2006.

stickfigurefred stickfigurefred 16 years ago
This stock looks interesting from these levels.

PPS at posting: $1.29



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