Why Microchip Technology Rallied Double-Digits Today
Shares of Microchip Technology (NASDAQ: MCHP) rallied double digits on Tuesday, with the stock rising 10.1% as of 1:25 p.m. EDT.
Microchip management pre-announced preliminary revenue estimates for its December quarter after market close yesterday, with the chipmaker's numbers coming in well ahead of management's initial guidance. Moreover, CEO Steve Sanghi had positive things to say about the March quarter as well.
Microchip experienced a severe hangover following the "boom" of the pandemic. Microchip's products serve a wide variety of industrial businesses, including aerospace and defense, general industrial, automotive, communications, and data centers, among others.
Source Fool.com
