Check out www.iionline.com where they talk about great recent IPOs. Listed below is section talking about ACLS
Axcelis Technology (NASDAQ:ACLS - Quotes, News, Boards) looks to be the slam dunk of the IPO pack. The company's July 11 IPO was priced at $22 and was met with strong demand. On its first day, the stock rose to $30 on an intra-day basis. But it's been downhill from there, and the stock has fallen down to $16.56.
Even a strong second quarter failed to lift the shares. Sales for semiconductor capital equipment maker rose 68% year-over-year and 16% sequentially to $99 million. Profits of $0.27 a share were quite respectable. The company specializes in ion implantation equipment used to make semiconductors and is currently a wholly owned subsidiary of Eaton Corporation (NYSE:ETN - Quotes, News, Boards).
Following the offering, Eaton still owns about 83.8% of Axcelis' outstanding common stock, and will divest the remainder in about six months.
Judging by the results of the competition, demand in the sector looks pretty strong. Varian Semiconductor Equipment Associates (NASDAQ: VSEA - Quotes, News, Boards) just released third quarter profits well ahead of expectations.
The net rose to $0.81 per share against a consensus estimate of $0.63 per share, and an $0.11 per share loss last year. Third quarter revenue reached $192 million, up 202% from last year's $63 million, and higher by 23% sequentially.
Axcelis looks pretty cheap when compared to competitors such as Varian Semiconductor. Varian trades for 26 times its September 2000 fiscal year earnings estimates. In contrast, Axcelis trades for 16 times its estimate for the current fiscal year. Underwriter Goldman Sachs is sure to point that out when it initiates coverage around August 10. |
