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Ahead Of The Bell: ADI Shares Jump
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ADI
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NEW YORK (AP) — Shares of chip designer Analog Devices Inc. jumped in premarket trading Wednesday after the company's fiscal second-quarter results and outlook beat Wall Street forecasts.
The Norwood, Mass.-based company reported after the markets closed Tuesday its second-quarter profit dropped 61 percent, reflecting a slowdown in chip demand brought on by the recession.
But Analog Devices still managed an adjusted profit of 21 cents per share, with costs coming in lower than expected. On average, analysts were looking for 9 cents. ...
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