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Applied Signal Technology(APSG) is rounding out the top 5 with a rise of 20.4% to close the week at $31.33 but the stock may be just getting started as it was trading even higher in extended action, last quoted at $33.25, up another 6%. Year-to-date, the stock is now up 39.5%.
Interestingly, Applied Signal's biggest news of the week wasn't released until after Friday's closing bell had sounded. The stock gained 12% during the regular session when reports surfaced that it might be in play, and the Sunnyvale, Calif.-based communications equipment maker then announced plans to explore its strategic options, including a possible sale or merger, driving even more buying.
The company has hired Bank of America-Merrill Lynch as its strategic advisor in the process. Applied Signal is currently in its fiscal fourth quarter, which ends this month, and Wall Street is expected a profit of 22 cents a share on revenue of $61 million for the three-month period.
At current levels, the stock is trading at a forward 2011 price-to-earnings ratio of 27.5X.
Written by Michael Baron in New York.
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