What a quarter out of Veeco Instruments (VECO)! LED lighting demand remains on fire with the company smashing analyst estimates by .18/share after the bell today. The EPS number was more than double sequentially and an exponential jump over the year ago quarter when the company posted a loss of .15/share. Revenues were equally as impressive, jumping more than 50% sequentially and more than tripling over the year ago quarter.
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I had this written this up ahead of the bell this morning and forgot to hit publish! These things happen on Monday mornings.. Anyway, Citi reiterated its Buy rating on Veeco Instruments (VECO) and its $53 price target this morning. Hat tip to Street Insider for the analyst comment.
“Increasing estimates” F2010 EPS from $3.56 to $3.84 (Street $3.58), F2011 from $3.26 to $4.11 (Street $3.78) and F2012 from $1.69 to $3.39 as our prior … Read the rest
Veeco Instruments (VECO) has shipped several TurboDisc MOCVD systems to US based LED manufacturer Invenlux in order to ramp capacity at their China LED factory in Haiyan City. No word on the financials of the deal.
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“Invenlux has a history of producing reliable and efficient blue and green LEDs for LCD backlighting, traffic lights, full color displays, and general illumination,” commented Chris Yan, Ph.D., Chief … Read the rest
According to Notable Calls, UBS is expecting a big order for both Veeco Instruments (VECO) and Aixtron (AIXG) from Chinese LED manufacturer Elec-Tech based on discussions with industry contacts. It looks like from the post that the orders would be placed this quarter, but not ship and be recognized as revenue until sometime next year. Still just a rumor at this point, but great news if true. UBS reiterates its Buy rating on both … Read the rest
Arima Optoelectronics, an LED manufacturer in Taiwan, purchased several Metal Organic Chemical Vapor Deposition (MOCVD) Systems last quarter according to a press release this morning. The two companies have worked together in the past and this expands their relationship. No word on the financials of this deal.
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Marco Kuo, President of Arima Optoelectronics, said, “We have selected Veeco’s MOCVD systems because of our experience with their … Read the rest
Piper Jaffray was out with some rating changes/coverage of LED lighting stocks after the bell today. Hat tip to Street Insider for the following analyst comments….
Initiated Cree Inc (CREE) at Overweight with $88 price target. They believe Cree is the leading LED play and that the recent pull back offers an attractive entry point. To that I say it’s up 20% in two weeks.. would have been an attractive entry point at the beginning … Read the rest
Veeco just announced that the State of Minnesota has awarded them $800,000 worth of matching funds for a 1.5 year project to help Veeco’s copper, indium, gallium and selenium deposition equipment technology for solar panel manufacturers move more quickly to market. Veeco’s technology is designed to reduce manufacturing costs for solar panels and bring them closer to grid parity. The funds were awarded as part of the American Recovery and Reinvestment Act.
In a press … Read the rest
As I mentioned last night, Veeco (VECO) reported earnings about inline, but their guidance was extraordinary and it led to a decent gap up open in the stock this morning, despite being way overextended. However, it’s giving it all back due to overall market weakness, profit taking and news that Citigroup has removed the stock from its Top Pick Live list. However, Citi still maintains its Buy rating. Hat tip to Street Insider for … Read the rest
The LED revolution is treating Veeco Instruments (VECO) kindly as well.. almost as kindly as Cree Inc (CREE). The stock is up nearly 20 fold in just the past year and it’s up another 5% in after hours trading after posting earnings that were ahead of analyst estimates by a penny, while revenues were slightly below estimates. The company reported an EPS of .49/share which is a whopping 323% increase over the year ago quarter. … Read the rest
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While I find Apple’s sales pitch–“A magical and revolutionary product at an unbelievable price”–over the … Read the rest