Novellus Slips After Meeting Estimates

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Novellus (NVLS) was down 1.2% in preopen Island trading. After the close Tuesday, the chip equipment maker posted a third-quarter profit of 24 cents per share before items, matching with the Thomson Financial/First Call consensus but down from the year-ago 29 cents. Sales rose 3.7%.

Novellus also forecast fourth-quarter earnings per share in line with analysts' forecasts.

The company said the slowdown in capital spending hurt its results, with disappointing bookings in every region. Novellus added that it is continuing to cut costs, but it plans no job cuts until at least the beginning of next year, if at all.

Other semiconductor equipment stocks were edging higher preopen.

Applied Materials

(AMAT) - Get Report

was up 0.2%;

KLA-Tencor

(KLAC) - Get Report

was up 0.3%.