Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

Our 80,000 qualified print subscribers—and 130,000 12-month engaged online audience—trust us to dive in and provide original journalism you won’t find elsewhere covering key emerging areas such as laser-driven inertial confinement fusion, lasers in space, integrated photonics, chipscale lasers, LiDAR, metasurfaces, high-energy laser weaponry, photonic crystals, and quantum computing/sensors/communications. We cover the innovations driving these markets.

Laser Focus World is part of Endeavor Business Media, a division of EndeavorB2B.

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If you’d like to write an article for us, reach out with a short pitch to Sally Cole Johnson: [email protected]. We love to hear from you.

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Laser Focus World produces a video newscast that gives a peek into what’s happening in the world of photonics.

Following the Photons: A Photonics Podcast

Following the Photons: A Photonics Podcast dives deep into the fascinating world of photonics. Our weekly episodes feature interviews and discussions with industry and research experts, providing valuable perspectives on the issues, technologies, and trends shaping the photonics community.

Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

3 Small-Cap Stocks That Concern Us

MMI Cover Image

Small-cap stocks can be incredibly lucrative investments because their lack of analyst coverage leads to frequent mispricings. However, these businesses (and their stock prices) often stay small because their subscale operations make it harder to expand their competitive moats.

The downside that can come from buying these securities is precisely why we started StockStory - to isolate the long-term winners from the losers so you can invest with confidence. Keeping that in mind, here are three small-cap stocks to avoid and some other investments you should consider instead.

Marcus & Millichap (MMI)

Market Cap: $1.24 billion

Founded in 1971, Marcus & Millichap (NYSE: MMI) specializes in commercial real estate investment sales, financing, research, and advisory services.

Why Is MMI Risky?

  1. Products and services aren't resonating with the market as its revenue declined by 3.2% annually over the last five years
  2. Cash-burning tendencies make us wonder if it can sustainably generate shareholder value
  3. Waning returns on capital imply its previous profit engines are losing steam

Marcus & Millichap’s stock price of $31.78 implies a valuation ratio of 318.4x forward P/E. If you’re considering MMI for your portfolio, see our FREE research report to learn more.

WeightWatchers (WW)

Market Cap: $3.33 billion

Known by many for its old cable television commercials, WeightWatchers (NASDAQ: WW) is a wellness company offering a range of products and services promoting weight loss and healthy habits.

Why Do We Think WW Will Underperform?

  1. Sluggish trends in its members suggest customers aren’t adopting its solutions as quickly as the company hoped
  2. Shrinking returns on capital suggest that increasing competition is eating into the company’s profitability
  3. Short cash runway increases the probability of a capital raise that dilutes existing shareholders

At $40.89 per share, WeightWatchers trades at 25.9x forward EV-to-EBITDA. Check out our free in-depth research report to learn more about why WW doesn’t pass our bar.

ABM (ABM)

Market Cap: $2.97 billion

With roots dating back to 1909 as a window washing company, ABM Industries (NYSE: ABM) provides integrated facility management, infrastructure, and mobility solutions across various sectors including commercial, manufacturing, education, and aviation.

Why Do We Steer Clear of ABM?

  1. Core business is underperforming as its organic revenue has disappointed over the past two years, suggesting it might need acquisitions to stimulate growth
  2. Performance over the past two years shows its incremental sales were less profitable as its earnings per share were flat
  3. Capital intensity has ramped up over the last five years as its free cash flow margin decreased by 8.3 percentage points

ABM is trading at $47.70 per share, or 12.3x forward P/E. To fully understand why you should be careful with ABM, check out our full research report (it’s free).

Stocks We Like More

Donald Trump’s April 2025 "Liberation Day" tariffs sent markets into a tailspin, but stocks have since rebounded strongly, proving that knee-jerk reactions often create the best buying opportunities.

The smart money is already positioning for the next leg up. Don’t miss out on the recovery - check out our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today for free.

StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.

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