Why Microchip Technology's Stock Jumped Today
Shares of Microchip Technology (NASDAQ: MCHP) rose as much as 12.5% on Tuesday morning, peaking near 11 a.m. EDT before backing down to an 11% gain 45 minutes later. The maker of analog and mixed-signal integrated circuits raised its first-quarter guidance after the closing bell on Monday, inspiring a storm of analyst upgrades and raised price targets.
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Microchip now expects first-quarter sales to land near $1.29 billion. Adjusted earnings should stop in the vicinity of $1.45 per share. The midpoints of the company's original guidance pointed to earnings of approximately $1.35 per share on $1.25 billion of top-line sales.
Source Fool.com
