Shares of small-cap semiconductor equipment supplier Axcelis Technologies (NASDAQ: ACLS) rallied big on Tuesday, up 9.6% as of 3:57 p.m. ET.

Axcelis reported earnings this morning, beating expectations and delivering solid guidance, with positive commentary on forward-looking bookings.

While the company is still posting large year-over-year declines, the stock had gotten incredibly cheap, and investors may be sniffing out a solid cyclical bottom.

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Source Fool.com