Significant cash and marketable securities balance; and The leader in plasma etch and single-wafer clean systems. High customer concentration; and High volatility and low visibility. Standard&Poor's Ratings Services expects Lam Research Corp.'s trailing revenues and adjusted EBITDA to continue to improve modestly over the next two quarters as we anticipate that the first half of 2011 will be stronger than the first half of 2010. Further, we expect flat to slightly moderated operating performance in the second half. We view Lam's business risk as fair, reflecting the company's strong competitive positioning in the etch and single-wafer clean segments of the semiconductor manufacturing equipment industry, along with significant industry volatility, the company's narrow business focus, and its high customer
