Curious as to why the price of Cognex stock has suddenly jumped to $28 from the $20 - $22 range, I paid a visit to a Yahoo discussion board. This referred me to a press release Cognex put out on September 27th. (I do wish they’d put me on their mailing list.)
Under the heading “Cognex Raises Guidance for the Third Quarter of 2010” they report that, thanks to the booming industrial automation market, revenues are now anticipated to be in the range of $74 - $76 million, rather than the $65 - $68 million forecast just a few weeks ago.
That’s quite a jump, and only adds weight to what I’ve been saying for some months. Contrary to what the WSJ and other august authorities would have you believe, spending has been coming back strongly. The downside of course is that lead times are lengthening and prices are rising. Almost makes you yearn for a “double dip”, does it not?
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