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Fly News Breaks for August 3, 2016
ESIO
Aug 3, 2016 | 09:18 EDT
As previously reported, Needham analyst James Ricchiuti downgraded Electro Scientific to Hold from Buy, saying that acceptance to new products has been encouraging but is unlikely to offset the slowdown in the company's core business, which could persist for several quarters. Electro Scientific's gradual turnaround, which produced improvement in profitability over the past year, has "hit a snag" after bookings fell 45% in Q1, the analyst tells investors in a research note.
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