Why Analog Devices, Gilead Sciences, and Universal Display Jumped Today
The major benchmarks posted gains on Wednesday, as geopolitical fears and hurricane concerns gave way to positive economic news. A report released by the U.S. Department of Commerce showed that GDP rose at a rate of 3% in the second quarter, higher than previously estimated. The tech-heavy Nasdaq Composite saw the best performance, climbing 1.1%. Good news from a few select companies produced solid gains, and Analog Devices, Inc. (NASDAQ: ADI), Gilead Sciences, Inc. (NASDAQ: GILD), and Universal Display Corporation (NASDAQ: OLED) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Shares of Analog Devices moved 5.2% higher after the company reported third-quarter financial results that beat analysts' expectations. The semiconductor specialist produced revenue that grew to $1.43 billion, up 65% year over year as the result of a recent acquisition, beating analysts' expectations of $1.4 billion. The company had income of $68.9 million, resulting in adjusted earnings of $1.26 per share, which was higher than the $1.15 expected by investors. Analog Devices revealed that its strong performance exceeded the high end of its own expectations and was broad-based, led by a "highly diverse and profitable industrial market."
President and CEO Vincent Roche stated, "The third quarter also represented our first full quarter with contributions from Linear Technology, and we are pleased with the early returns. Customers are engaged and excited by the value creation possibilities enabled by the combination, and we are making excellent progress on realizing our cost synergy targets."
Source: Fool.com
