Stock to Sell #6 – Ultratech (UTEK)
Ultratech (UTEK) develops and manufactures laser thermal processing and inspection equipment. Analysts project the stock will underperform the market over the next 6 to 12 months. Earnings for fiscal year 2013, ended in June, are projected at $1.45 from a prior estimate of $1.60.
Technically, the 50-day moving average crossed under the 200-day moving average, forming a death cross. MACD is in bullish territory following a two-month bounce from its low of $28.50 in April. Sell UTEK at the market if you own it. Traders may want to sell it short with a price objective of $29.