Veeco Instruments Shares Plunged: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Veeco Instruments (NAS: VECO) closed down more than 11% after analysts expressed concerns over pricing and overcapacity in the LED marketplace. Industry peer Cree (NAS: CREE) also fell more than 10%.
Now what: Of the five, only one firm -- Sterne Agee -- said it continues to recommend clients buy shares. Too harsh? I think so. On a forward-looking basis, the stock trades for less than half the long-term profit growth rate analysts expect. Where do you stand? Would you buy shares of Veeco Instruments at current prices? Please weigh in using the comments box below.
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