Veeco Gets Crushed After Earnings Warning - TheStreet

Veeco Instruments

(VECO) - Get Report

, a semiconductor equipment maker, is getting crushed this morning, after announcing an earnings warning and the resignation of its president and chief operating officer.

The company said it expects third-quarter earnings of 18 to 22 cents a share for the quarter, compared with earnings of 29 cents in the year-ago period. The

First Call/Thomson Financial

14-broker estimate was for 40 cents a share.

Shares closed at $102.53 yesterday, but were lately traded at $61--a loss of 40.5%.

The company this morning blamed its problems on delayed orders and shipments from data storage and specialty semiconductor customers. President and COO Christine B. Whitman (not the governor of New Jersey, who goes by Christine Todd Whitman) also resigned yesterday.

UBS Warburg

reduced its rating on Veeco to hold from buy.