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The Market is fickle.

I think what is influencing sell off is a combination of:

Statement of Operations Highlights – Third Quarter of 2014

Revenue increased 87% over Q3 2013 and 56% over Q2 2014. Growth came from the factory automation market, where revenue increased 103% year-on-year and 75% sequentially to set a new quarterly record of $146 million. A notable contributor to factory automation in Q3 2014 was $65 million of revenue from a single customer.

Gross margin was 74% in Q3 2014 compared to 76% in both Q2 2014 and Q3 2013. The decrease both year-on-year and sequentially was due to volume pricing and support of the large customer referenced above.

Research, Development & Engineering (RD&E) expenses increased 52% over Q3 2013 and 36% over Q2 2014. The increase, both year-on-year and sequentially, was due to Cognex’s investment in engineering personnel, a higher bonus accrual, and higher outside services, materials and supplies related to new product development.

Selling, General & Administrative (SG&A) expenses increased 39% over Q3 2013 and 22% over Q2 2014. The increase, both year-on-year and sequentially, was due to investments in Cognex’s sales and support organization, higher commissions related to the sales force increase and revenue growth, higher marketing activities and sales demonstration equipment, and an increased bonus accrual.

The tax rate was 18% in Q3 2014 compared to 13% in Q3 2013 and 17% in Q2 2014. Excluding discrete tax items, the tax rate was 19% in each period (tax adjustments are summarized in Exhibit 2).

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