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Veeco's stock bounces back
Veeco Instruments Inc. wins this week's seesaw award.
The stock dropped 7 percent Tuesday, closing at $28.44, after executives said they expected the Plainview company's revenue slump to continue. But Veeco shares bounced back Wednesday, rising 6 percent, to $30.19, and making up much of its loss since Mo+nday's closing price of $30.61.
The volatility comes on the heels of Veeco completing a lengthy accounting review last week that prevented the company from filing a report with the U.S. Securities and Exchange Commission for nearly a year. The long-awaited annual report, however, showed that the company lost $6 million during 2012.
While Veeco said it expects additional loss in the coming quarters, executives and analysts remain bullish on the long-term health of the company, which makes equipment to manufacture LED lighting.