Market Gems-Trading Strong Earnings Growth and Momentum Message Board

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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum

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To: Jenna who wrote (1311)	1/10/2001 3:59:41 PM
From: 2MAR$	of 6445

RESEARCH ALERT - Veeco downgraded to buy LOS ANGELES, Jan 10 (Reuters) - Banc of America analyst Mark Fitzgerald on Wednesday said he downgraded shares of Veeco Instruments Inc. <VECO.O> to buy from strong buy. Despite positive fourth-quarter booking news for Veeco, which makes equipment for data storage, optical telecommunications and the semiconductor industries, he said the stock price does not have much additional upside potential. "We took the opportunity to downgrade the stock an hour ago. Even though earnings look good now, it's bumping against its upside target price," Fitzgerald told Reuters. "If you look upstream at what's happened to the companies it sells to, those multiples have all gotten compressed. So we don't see how you can argue for higher multiples on the bottom of the food chain," he said, adding that optical bookings were down on a quarter-to-quarter basis. Veeco shares were up more than 17 percent in afternoon trade on the Nasdaq, with an $8-1/8 rise to $54-7/8, after the company reported better-than-expected fourth-quarter bookings. ((Timna Tanners, Los Angeles newsroom, 213-380-2014)) REUTERS * end of story *

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