Swap Veeco Shares for Cree

Light emitting diode (LED) capital equipment manufacturer Veeco Instruments (VECO) reported better than expected results for the September quarter after the bell Monday, but offered a dismal outlook that fell well short of expectations.

That worse-than-expected outlook reflected crumbling demand for its LED equipment amid a glut of excess LED manufacturing capacity in Asia. Veeco's LED equipment order book fell to $111.9 million in the September quarter, down more than 50 percent on both a year-over-year and quarter-over-quarter basis,  resulting in Veeco exiting the September quarter with an ugly book-to-bill ratio of 0.48 for its LED manufacturing equipment....535 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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