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Ultratech (UTEK) announced its third quarter earnings and they came in uglier than even the most bearish sell-side estimates were calling for. Indeed, while the sell side consensus for rev/EPS was $42.8M/$0.04, the results were downright ugly at $29.8M/($0.28). Management did its shareholders a serious disservice by not pre-announcing a miss of this magnitude. At this point, while more aggressive investors may be willing to take the risk and hold through on the expectations that the logic spending pause outlined in the original thesis will hold true, the shares are at best dead money over the next couple of months and the opportunity cost likely too high for fresh money at this time.

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