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Adams Harkness Keeps 'Market Perform' on Veeco

Adams Harkness is maintaining its market perform rating on Veeco Instrument (VECO).

The company and FEI say they won't be able to complete their merger by Dec. 31. Analyst Frederick Wolf says the potential extension of the agreement deadline would open the chance for Veeco to negotiate better terms. Wolf says no anti-trust issues loom, but the Department of Justice review is taking longer than expected; it appears the delay of the merger is unintended by either party. He says the company is not releasing any details of developments.

Wolf thinks the merger is a positive for Veeco, but notes the risk of difficulty in integration as both companies are of similar size. He sees a nine cent 2002 loss, and 21 cents earnings per share for 2003.

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