About $4.3 of these $14 bucks on VECO's book are goodwill, the acquisition of FEIC will add at least another $500 MM in goodwill, and there will be about 70 to 75 MM shares outstanding rather then the current 30 MM, thus the new net book value (taking out goodwill) will be only $7.5/share. Yes I used to love that company at the appropriate price, but I think that as an investment they will be dormant for a little while. They could go up with the rest of the market to the $18.5, maybe even $22, but I fear that on the next swoon down, $10 may not be out of the question. I would not recommend holding this one for a little while.
Zeev
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