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Shares of Veeco Instruments Under Pressure, Down 1.8%

Published on Tue, 01/29/2013 - 13:23
By Mallory Stone

Veeco Instruments (NASDAQ:VECO) is one of today's notable stocks in decline, down 1.8% to $32.20. The S&P is trading higher by 0.4% to 1,506 and the Dow is trading 0.4% higher to 13,942.

Veeco Instruments (NASDAQ:VECO) defies analysts with a current price ($32.20) 1.8% above its average consensus price target of $31.64. The stock should discover initial support at its 200-day moving average (MA) of $32.13 and subsequent support at its 50-day MA of $29.62.

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.

Veeco Instruments share prices have moved between a 52-week high of $38.39 and a 52-week low of $23.70 and are now trading 36% above that low price at $32.20 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.3%.

By Mallory Stone
mstone@fnno.com