Why Axcelis Technologies Stock Is Surging Today

Shares of semiconductor equipment manufacturer Axcelis Technologies (NASDAQ: ACLS) soared on Wednesday after the company raised its guidance for the fourth quarter of 2020 and announced a new share repurchase program. The stock was up about 13.8% at 11:55 a.m. EST today.

Axcelis now expects to generate revenue of approximately $120 million for the fourth quarter, up from previous guidance of $110 million. The company expects a gross margin of 43% and earnings per share of $0.32, up from previous guidance of 41% and $0.21, respectively.

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Source Fool.com