CCMP - CMC Materials: Stuck In The Slow Lane

• CCMP is setting new records in terms of quarterly revenue, but the pace of growth has slowed to a crawl.
• The stock jumped by 21% in response to Intel's renewed focus on manufacturing, raising hopes that growth at CCMP could start to accelerate.
• The bull case rests on the belief that demand for CMP slurries and pads will go up, favoring CCMP as a supplier of essential materials for semiconductors.
• Recent developments could make a major difference long term, but the fact remains that not much has changed with the exception of CCMP becoming more expensive.

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