TOKYO ELECTRON/ADR (OTCMKTS:TOELY) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Tokyo Electron Limited (TEL) is a company mainly engaged in the manufacture and sale of electronic products for industrial uses. TEL is the largest manufacturer of IC and FPD production equipment in Japan and the third largest in the world. The Semiconductor Manufacturing Equipment segment is engaged in the provision of coaters and developers for wafer processing, plasma etching equipment, thermal processing systems and others. The Flat-panel Display (FPD) Manufacturing Equipment segment is engaged in the provision of coaters and developers for FPD manufacturing, plasma etching/ashing apparatus and others. The Electronic Component and Information Communication Equipment segment provides semiconductor products such as integrated circuits (ICs), computer and network equipment and software. In addition, the Company is also involved in logistics, facility management and insurance businesses. “

TOELY traded down $1.69 during mid-day trading on Wednesday, reaching $35.19. 46,238 shares of the stock were exchanged, compared to its average volume of 42,928. TOKYO ELECTRON/ADR has a 1 year low of $27.04 and a 1 year high of $46.88.

About TOKYO ELECTRON/ADR

Tokyo Electron Limited, together with its subsidiaries, develops, manufactures, distributes, and sells semiconductor and flat panel display (FPD) production equipment in Japan, North America, Europe, South Korea, Taiwan, China, and internationally. The company's Semiconductor Production Equipment segment offers coaters/developers, plasma etch systems, and single wafer deposition systems and cleaning systems used in wafer processing; wafer probers used in wafer testing process; and electrochemical deposition systems and wafer bonders/debonders used in packaging processes.

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