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Spreadtrum Communications(SPRD) is a fabless semiconductor company that designs, develops and markets baseband processor, radio frequency transceiver and turnkey solutions for the wireless communications and mobile television market. The stock is trading up 7% at $28.53 in recent trading.
Today's Volume: 1,802,000
Average Volume: 1,239,010
Volume % Change: 121%
This stock is blazing a trail higher today as buyers continue to come in and scoop up shares following their monster quarter from Wednesday. Spreadtrum beat third-quarter Wall Street estimates by 16 cents, beat on revenues and guided the four quarter above consensus.
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From a technical standpoint, this stock is very close to triggering a major breakout if it can sustain a move and close above some near-term overhead resistance and the all-time high at $28.85. The stock hit $28.70 in intraday trading, so market payers should watch this name very close to see if the stock can finish the week over $28.85. Since the volume today is already very strong it will mean we have hit a high-volume breakout if we get it. Shares could easily soar off this breakout as the stock starts to hit momentum traders' screens who love to play stocks hitting all-time highs.