Semiconductors and semiconductor equipment are sizable sub-sectors within the technology sector and investors are certainly not lacking in alternatives to play the eventual recovery in chips. One name that is likely not on most investors' lists is Cascade Microtech (Nasdaq:CSCD). This company is an interesting turnaround speculation; on one hand, it should be clearly leveraged to a healthier chip market and the expectations are low. On the other hand, even in the best of times this company has never been a top performer and there is the risk that the company languishes as a value trap. (For more, see Earning Forecasts: A Primer.)
Probing for Problems
Cascade Microtech is largely in the business of helping chip companies find problems early enough to do something about them. Operating in the broadly-defined electrical measurement and test space, Cascade sells stations and cards designed to assess the performance of chips in the research and development (R&D), early production and post-production phases.
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