While Hewlett-Packard(HPQ Quote) got the splashy after-market tech headlines with dreary news of profit drops and layoffs, Analog Devices(ADI Quote) shot up in trading after the close yesterday.
The stock is trading up $3.11 per share, or more than 15%, to $23.69. An hour into trading, the stock had already doubled its average daily volume.
The company beat street expectations in announcing its second quarter earnings yesterday, posting diluted EPS of 18 cents. That's up from 8 cents in the first quarter and down from 44 cents a year ago. Excluding restructuring charges, EPS came to 21 cents. The Massachusetts semiconductor maker, home-based in Norwood, reported $475 million in revenue, down 27% as compared to last year. The board also announced a 20 cent cash dividend to be paid on June 17. ...
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