Why Shares of Nova Measuring Instruments Slumped Today

Shares of Nova Measuring Instruments (NASDAQ: NVMI) slumped on Wednesday following a generally positive third-quarter report. Nova beat analyst estimates for earnings and matched expectations for its fourth-quarter guidance, but it wasn't enough to prevent the stock from falling. With shares having soared year to date, Nova's results may have simply not been good enough. The stock was down about 12% at 11:45 a.m. EDT.

Nova reported third-quarter revenue of $54.1 million, up 22.7% year over year and in line with the average analyst estimate. The company pointed to strength in its Dimensional and Materials metrology product lines as the main drivers behind the double-digit revenue growth. Product revenue grew 24.8% to $41.1 million, while services revenue grew 16.4% to $12.9 million.

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Source: Fool.com