Varian Semiconductor Down on Warning
Varian Semiconductor (VSEA) was down 6% in early trading after the processing-equipment maker warned that third-quarter revenue would be between $125 million and $135 million, down 30% to 35% from the year-ago period and below the previous guidance of a 25% drop.
In addition to cost-cutting measures implemented since the first of the year, the company announced it had scheduled a two-week plant shutdown in July.
Varian blamed the lowered estimates on continued weakness in the microchip equipment sector.
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