TMCNet:  Downgrade Alert for Veeco Instruments (VECO)

[December 13, 2012]

Downgrade Alert for Veeco Instruments (VECO)

Dec 13, 2012 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- Veeco Instruments (NASDAQ:VECO) was downgraded from Buy to Neutral at B. Riley today. The stock closed yesterday at $30.55 on volume of 410,000 shares, below average daily volume of 760,000. Veeco Instruments has overhead space with shares priced $30.55, or 7.1% below the average consensus analyst price target of $32.88. The stock should find initial resistance at its 200-day moving average (MA) of $31.67 and further resistance at its 50-day MA of $32.20.


In the past 52 weeks, Veeco Instruments share prices have been bracketed by a low of $20.35 and a high of $38.39 and closed yesterday at $30.55, 50% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.5%.

Veeco makes equipment to develop and manufacture LEDs, solar cells, hard disk drives and other devices. We support our customers through product development, manufacturing, sales and service sites in the U.S., Korea, Taiwan, China, Singapore, Japan, Europe and other locations.

SmarTrend is tracking the current trend status for Veeco Instruments and will alert subscribers who have VECO in their portfolio or watchlist when shares have changed trend direction.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

[ Back To Cloud Computing 's Homepage ]