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Technology Stocks : Veeco Instruments-Who?

VECO 28.62

-1.8%

2:52 PM EDT

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From: Sam	10/26/2010 3:40:02 PM
	of 3069

Veeco Drops on Worries of China Order Revenue Spilling Over Into Early 2011 09:37 AM Eastern Daylight Time, 10/26/2010 (MidnightTrader) -- Veeco Instruments Inc (VECO:$37.53,00$-2.41,00-6.03%) is falling in morning trade as speculation grows that some of the precision manufacturing equipment maker's revenue for the fourth quarter may not come in until early next year. The company projects fourth quarter earnings reaching $1.46 to $1.74 a share excluding one-time items on revenue of $285 million to $320 million. Veeco said it has orders to customers in China, but revenue may spill over into the first quarter. Analysts polled by Bloomberg on average expect adjusted profit of $1.47 a share on revenue of $310.5 million. In the third quarter, the company earned $91.1 million, or $1.46 a share excluding one-time items. Analysts polled by Thomson Reuters had expected earnings of $1.26 a share. Shares in the New York-based company opened at $37.48, and have traded between $22.77 and $54.50 over the past 12 months. Price: 37.87, Change: -2.04, Percent Change: -5.08 midnighttrader.com [EDIT: Near the close, VECO has been dropping, now at $37.47 on about 4.26m shares. About 20 minutes to go in the trading session.]

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