Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Veeco Instruments (NASDAQ:VECO) jumped more than 13% during intraday trading Monday after the LED equipment maker appeased investors' worries by filing previously delayed 2013 and 2013 quarterly reports.
So what: Remember, though Veeco had rallied nicely over the past year on stronger-than-expected demand, investors have battled with uncertainty surrounding the company's extended accounting review which notably involved potential revenue recognition issues.
However, Veeco's press release today negates those worries by pointing out the company has finally filed its three delayed reports for the quarters ending September 30, 2012, March 31, 2013, and June 30, 2013 with the SEC, as well as its annual Form 10-K for the year-ended December 31, 2012. Most importantly, Veeco also confirmed today's filings required no restatement of its previously announced results.
Now what: That's fantastic news for worried investors, who even endured a downgrade less than three weeks ago from analysts at Oppenheimer partly based on those very concerns. Now, the market's just waiting for Veeco to complete its Form 10-Q for the most recent quarter ended September 30, 2013, after the filing of which the company says it will hold a conference call to discuss.
Even so, considering Veeco stock currently trades at a premium for nearly 21 times last year's earnings and around 24 times next year's estimates, I think it may be worth waiting until the most recent report is released to get a better gauge of its long-term prospects.