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Veeco Instruments Shares Climbing Higher, Up 1.6%

Published on Tue, 03/12/2013 - 12:24
By Robert Cotter

Veeco Instruments (NASDAQ:VECO), a company whose shares are moving quickly, is trading 1.6% higher to $34.40. The S&P is currently trading fractionally lower to 1,552 and the Dow Jones Industrial Average is trading fractionally higher to 14,437.

Veeco Instruments (NASDAQ:VECO) defies analysts with a current price ($34.40) 13.8% above its average consensus price target of $29.65. The stock should find initial support at its 200-day moving average (MA) of $32.02 and further support at its 50-day MA of $31.05.

Veeco Instruments share prices have moved between a 52-week high of $38.39 and a 52-week low of $26.15 and are now trading 32% above that low price at $34.40 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

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 Robert Cotter
rcotter@fnno.com