Veeco shares rise on Cree earnings
Veeco mechanical engineer Mathew Levy holds a data wafer at a plant in Plainview in 2012. Credit: Chris Ware
Shares of Veeco Instruments Inc., a maker of equipment used in producing light-emitting diodes, climbed 6.8 percent to $37.53 Wednesday after a major LED manufacturer posted earnings that beat consensus estimates.
In a research note, Stifel, Nicolaus & Company analyst Patrick Ho said that the December quarter earnings report of Cree Inc. held “positive implications” for Plainview-based Veeco.
Ho said that “overcapacity” in the LED equipment industry has weighed on Veeco for more than two years.
Though Veeco is not a supplier to Cree, Ho said, Cree’s assertion of an increase in demand for LEDs used in general lighting bodes well for the company.
Federal law aimed a promoting energy efficiency barred U.S. companies from manufacturing or importing all incandescent bulbs as of Jan. 1, encouraging a shift to alternatives like fluorescents and LEDs.
Shares of Cree, whose headquarters is in Durham, N.C., climbed 7.2 percent to close at $67.33.
'It's depressing, it's frustrating' A Newsday investigation revealed that Grumman Aerospace knew toxic chemicals were leaking into the ground in Bethpage. Newsday Associate Editor Paul LaRocco and Deputy Editor David Schwartz explain.
'It's depressing, it's frustrating' A Newsday investigation revealed that Grumman Aerospace knew toxic chemicals were leaking into the ground in Bethpage. Newsday Associate Editor Paul LaRocco and Deputy Editor David Schwartz explain.
