Veeco's stock bounces back
The top three executives of Veeco left to right, chief financial officer David Glass, chief executive officer John Peeler and executive vice president William Miller at the Plainview facility. (July 18, 2012) Credit: Newsday / Thomas A. Ferrara
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.
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