Tags: US | Analog | Devices | Mover

Analog Devices' Shares Jump After Strong Results

Wednesday, 19 May 2010 02:44 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Shares of Analog Devices Inc. jumped Wednesday after the chip maker's quarterly results and forecast topped Wall Street estimates.

In a client note, Caris & Co. analyst Craig Ellis said the only "blemish" was higher-than-expected operating expenses, which climbed 8 percent to $220 million.

He kept a "Buy" rating on the stock, saying it could head higher than his price target of $35.

ADI shares rose $1.14, or 4.1 percent, to $28.74 in afternoon trading. The stock has ranged from $19.73 to $32.19 over the past year.

The company said after the market closed Tuesday that it earned 55 cents per share in its fiscal second quarter ended May 1, well ahead of analysts' average estimate of 50 cents per share, according to a Thomson Reuters survey.

Revenue jumped 41 percent to $668.2 million, compared with the Wall Street consensus estimate of $664.1 million.

For the quarter ending in June, ADI said it expects earnings of 59 cents to 61 cents per share on $695 million to $715 million in revenue. Analysts project income of 52 cents per share on revenue of $658.3 million.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved