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Technology Stocks : Seagate Technology

STX 278.47

+1.0%

Nov 6 4:00 PM EST

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From: duedilly	10/9/2006 11:47:39 PM
	of 7841

BS/ Veeco Instruments Inc. Data Storage Digestion Causes Miss - We Remain Peer Perform • Veeco preannounced negatively this evening after the close. Bookings are expected to be about $115M, at the low end of guidance ($115-130M). Revenue is now anticipated to be in the $111-114M range, which is below previous guidance of $125-130M. GAAP earnings per share are now projected to be in the $0.11 to $0.14 range and non-GAAP $0.17 to $0.20 (previous guidance - GAAP earnings per share $0.23 to $0.29 and non-GAAP $0.25 to $0.30). • The company blamed pushouts of approximately $15M from data storage customers, now scheduled to ship in the fourth quarter. Our Peer Perform rating has been predicated on our perceived risk from data storage customers. • December quarter estimates will also need to be adjusted with revenue guidance of $120M and bookings described as up sequentially. Our estimates are currently under review. • The stock has pulled back about 25% since its 2006 high and is becoming more interesting to us at these levels. However we need more evidence of a reacceleration from the company's key customers in HB-LED or data storage markets. Thus, we stay at Peer Perform for now.

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