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Verigy (VRGY) this afternoon posted revenues for its fiscal first quarter ended January of $68 million, down 55% sequentially and 66% from a year earlier, but in line with its revent guidance.

The company lost $64 million or $1.09 a share in the quarter on a GAAP basis. Before charges, the company lost $41 million, or 70 cents a share. The Street had expected the semiconductor test equipment company to post a loss of 61 cents.

VRGY, which fell 55 cents, or 6.2% to $8.35 in the regular session, is up 20 cents ot $8.55 in late trading.

Verigy (VRGY), which makes semiconductor test equipment, this afternoon slashed its outlook for its fiscal first quarter ended January 31. The company now sees revenue for the quarter of $66 million to $68 million, down from its previous guidance of $95 million to $110 million.

While citing the “further deterioration of the global economic environment” as well as “the sudden erosion of consumer demand,” the company also noted that “non-payment for several systems previously shipped to a large memory customer contributed to the sharp shortfall in revenues.”

If you thought 2008 was a rotten year for the semiconductor capital equipment sector, wait until you get a load of 2009.

Several analysts today weighed in with revised forecasts for chip industry capital spending for this year, and the prognostications are startling grim. That said, the pundits have mixed views on whether the Street has already discounted the dismal outlook for this year - and whether the time has come to bottom fish in the group.

Each week I track which stocks are moving in and out of the top 25 Magic Formula Stocks for companies with a minimum market cap of 50 and 2000 billion. Here are the moves for the week ended 12-8-08:

Top 25/50 Million:

In:

• DivX, Inc (DIVX)
• EarthLink, Inc (ELNK)
• Graham Corporation (GHM)
• Herbalife, Ltd. (HLF)
• MEMC Electronic Materials, Inc. (WFR)
• Maxygen, Inc (MAXY)
• Sucampo Pharmaceuticals, Inc. (SCMP)
• Verigy, Ltd. (VRGY)

Out: