Rubicon (RBCN -11.8%) is now posting double-digit losses in response to Piper's bearish coverage launch. Analyst Jagadish Iyer argues Rubicon's core 6" sapphire wafer business (76% of 2012 sales) is facing "severe headwinds" as customers abandon long-term contracts and rely on multiple suppliers. Moreover, the 2" and 4" wafer businesses "seem to be static." Iyer thinks Rubicon, expected by the Street to earn $0.23/share in 2013, might not turn profitable until 2014. VECO -4.5%.