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 and product concentration. Lam is a global producer of plasma etch and single-wafer cleaning tools used to manufacture memory, logic, and micro-electromechanical system devices. It
