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Stock Investors Sell Off Shares of Veeco Instruments, Down 2.0%

Published on Tue, 02/19/2013 - 13:29
By Mallory Stone

Veeco Instruments (NASDAQ:VECO) is a company whose shares are active, trading 2.0% lower to $29.91. The S&P is currently trading 0.5% higher to 1,527 and the Dow Jones Industrial Average is trading 0.3% higher to 14,019.

Potential upside of 5.8% exists for Veeco Instruments, based on a current level of $29.91 and analysts' average consensus price target of $31.64. The stock should run into initial resistance at its 50-day moving average (MA) of $30.56 and subsequent resistance at its 200-day MA of $32.36.

Over the past year, Veeco Instruments has traded in a range of $26.15 to $38.39 and is now at $29.91, 14% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 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.

By Mallory Stone