NanoString Technologies and Luminex also exceeded fourth quarter 2013 adjusted EPS estimates. On February 26, NanoString projected 2014 sales to grow 43%–59% to $45–$50 million with a net operating loss of $40–$50 million. Shares climbed 2.7% the next day. On February 3, Luminex projected 2014 sales to grow 5%–12% to $225–$240 million, in line with consensus. Yet shares fell 2.9% the next day.

Similar to Luminex, other companies contracted after posting quarterly results. On February 4, Pacific Biosciences projected 2014 sales to grow at least 55% to $43.7 million, which was below analysts’ expectations. The company also forecasted lower gross margins in the range of 25%–30% of sales and a wider-than-expected adjusted EPS loss, leading shares down 11.5% the next day. While Affymetrix beat fourth quarter 2013 sales expectation on February 5, EPS was short of consensus, leading shares down 15.5% the next day. On February 6, Fluidigm projected 2014 revenues to grow 23%–28% to $88–$91 million, in line with expectations. Yet shares fell 6.4% the next day. On February 7, Cowen downgraded the company from “Outperform” to “Market Perform.”

There were several other rating changes this month. Raymond James upgraded Becton, Dickinson on February 5 from “Underperform” to “Market Perform.” On February 20, Goldman Sachs upgraded Thermo from “Neutral” to “Buy,” and raised its price target by 34% to $150 per share.

Process/Metrology/Motion Instrumentation Stock Index

The Index advanced 5.0% to 835.89 in February due to better-than-expected quarterly EPS results from FEI, Nanometrics and Zygo. For the year, the Index is up 8.3%.

Among the Index, FEI recorded the highest return for the month, up 10%. On February 5, the company reported record fourth quarter 2013 sales, bookings and earnings, leading shares up 7.2% the next day. The company guided first quarter 2014 EPS of $0.66–$0.76. Nanometrics jumped 6.9% on February 5 after the company returned to a quarterly profit and projected first quarter 2014 EPS of $0.01–$0.13. Zygo climbed 4.1% on February 7 following strong fiscal second quarter results ending December 31, 2013. Both Nanometrics and Zygo gained 8% in February.

Veeco Instruments reported mixed fourth quarter 2013 results on February 19. The company missed EPS expectations but beat on revenues. It projected first quarter 2014 sales of $85–$95 million, which was 11% above analysts’ expectations. The company was upgraded by JPMorgan Chase and Credit Suisse to “Overweight” and “Outperform” from each a “Neutral” rating on February 6 and February 12, respectively. The investment firms also raised their respective price targets by 25% and 67% to $42 and $50 per share, respectively. On February 18, Canaccord Genuity upgraded the company from “Sell” to “Hold.” Veeco grew 4% for the month and is up 20% year to date to lead all companies in the Index.

Lab Consumables/Equipment Stock Index

The Index advanced 3.0% this month to 905.94, led by Enzo Biochem, which jumped 32%. Year to date, the Index is flat. Life was removed from the Index following the completed acquisition by Thermo.

Sigma-Aldrich reported record fourth quarter 2013 sales on February 6 and projected 2014 EPS to grow 4%–7% to $4.30–$4.40. On February 11, the company raised its quarterly dividend by 7% to $0.23 per share. Edward Jones downgraded the company on February 21 from “Buy” to “Hold.”

On February 4, Techne missed EPS consensus for the fiscal second quarter ending December 31, 2013, due to currency. Shares contracted 2.9%. On February 27, Pall narrowed it fiscal 2014 EPS to $3.35–$3.45 to include the acquisition of ATMI LifeSciences and increased currency headwinds. Shares traded slightly higher.

Diversified Instrumentation Stock Index

The Index grew 3.0% for the month to 215.46 but is down 0.2% year to date. Xylem recorded the highest price increase for the month, rising 18%. Shares jumped 10.6% on February 4, after the company beat fourth quarter 2013 EPS and sales estimates. The company projected 2014 EPS of $1.85–$2.00, slightly above analysts’ expectations and increased its quarterly dividend by 10% to $0.13 a share.

Mettler-Toledo raised its 2014 adjusted EPS outlook by $0.05 on February 5 to $11.40–$11.60 for growth of 8%–10%. Adjusted first quarter EPS is projected to be $1.93–$1.98. Shares jumped 7.7% the next day, but ended slightly lower for the month. The company was upgraded by UBS on February 6 to “Buy” from “Neutral.”

Agilent Technologies recorded the largest decline for the month, sliding 2%. On February 13, the company lowered its fiscal 2014 EPS guidance by 4% to $2.96–$3.16 due to weakness in the electronics business. Second quarter EPS is expected to be $0.71–$0.73. Shares fell 8.0% the next day. However, the company was upgraded by Ned Davis Research on February 18 from “Neutral” to “Buy.”

In other news, Illinois Tool Works climbed 2.0% on February 7 after it announced the sales of its industrial packaging unit to Carlyle Group for $3.2 billion.

International

The yen continued to fall against the US dollar due to increased government lending in Japan to ease inflation. The Nikkei 225, which was extremely volatile in February, slipped 0.5% for the month and is down 8.9% for the year. While stock prices for the Pacific Region companies in the IBO stock table were mixed, JEOL and Precision System Science dropped 21% and 26%, respectively.

On February 7, Shimadzu reported an EPS loss of ¥41.78 ($0.42) for the fiscal third quarter ending December 31, 2013, as a result of a large extraordinary loss. However, adjusted quarterly EPS was roughly ¥15.00 ($0.15), compared to just above breakeven a year ago. Shares improved 3.2%.

HORIBA climbed 10.4% on February 14, after reporting that fourth quarter 2013 EPS grew 44% to ¥112.31 ($1.12). The company’s full-year 2013 dividend increased 20% to ¥60 ($0.60) per share. For 2014, sales are projected to grow 9%, but net income growth is expected to be flat.

Share prices for the European companies in the IBO stock table were also divergent in February. Scientific Digital Imaging recorded the highest return, climbing 19%, while Oxford Instruments fell 14%.

Biotage also climbed in double digits for the month. On February 13, the company reported that fourth quarter 2013 EPS grew 47% to SEK 0.28 ($0.04) due to strong cost reductions. Shares climbed 7.1%. Analytik Jena managed a small gain for the month despite reporting on February 13 a wider EPS loss of €0.03 ($0.04) for the fiscal first quarter ending December 31, 2013. On February 10, Exiqon reported that full-year 2013 EPS loss narrowed 29% to DKK 0.29 ($0.05). The company projected 2014 sales to grow 20% to DKK 150 million ($27 million) with positive EBITDA of roughly DKK 5 million ($0.9 million). Shares slipped 4.0% for the day but were flat for the month.

For the UK based companies, on February 11, Halma announced that fiscal 2014 adjusted EBIT is projected to be £139–£140 million ($219–$220 million) for growth of 7%. Shares fell 2.0%. On February 27, Spectris reported that adjusted full-year EPS grew 2% to £1.33 ($1.77). Shares traded slightly higher.