Veeco Instruments Inc. (NASDAQ: VECO) is having an overwhelmingly strong day in the market today, and for good reason. The company announced a settlement in patent litigation that led to excitement among investors. Today, we’ll talk about the settlement, what we’re seeing from VECO, and what we’ll be watching for with regard to the stock ahead.
VECO Gains On Settlement
As mentioned above, Veeco Instruments is having an overwhelmingly strong day in the market after announcing that it has settled pending litigation. In a press release issued early this morning, VECO, Advanced Micro-Fabrication Equipment, and SGL Carbon SE announced that they have settled pending litigation. Under the settlement, the companies have amicably resolved all pending disputes, including AMEC’s lawsuit against VECO in China as well as Veeco’s lawsuit against SGL in New York. In a statement, John R. Peeler, Chairman and CEO at VECO, had the following to offer:
I am pleased to report that we have reached a mutually agreed settlement of the pending IP disputes and we are back to normal business operations in our MOCVD business.
The above statement was followed up by Gerald Yin, Chairman and CEO at AMEC with the following:
This settlement is a good example of how competitors can resolve IP matters for the benefit of their global customer base.
What We’re Seeing From The Stock
One of the first things that we learn when we start to dabble in the market is that the news causes movement. In this particular case, the news of the settlement was great news for all parties involved. So, it’s no surprise to see that Veeco shares are headed up in value today. Currently (10:58), VECO is trading at $14.82 per share after a gain of $0.68 per share or 4.77% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on VECO. In particular, we’re interested in following the company’s continued growth now that the patent litigation is behind them. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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