Shares of Analog Devices Inc. (ADI) - Get Report are up 0.33%, to $84, in Thursday morning trading. ADI stock is hitting its highest levels since late-May after the company beat on top- and bottom-line earnings estimates.
Sales grew a whopping 65% year-over-year, and guidance came in strong. Analog Devices is no longer just an Apple (AAPL) - Get Report supplier like some investors may think, TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on CNBC's "Stop Trading" segment Thursday.
About 49% of ADI revenue is from its industrial business and 20% is generated from its communications segment. The company is doing "incredibly remarkable" in these businesses, Cramer added. Analog Devices also has businesses in robotics and automobiles.
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"It's a terrific story. It's a really great job that they did," Cramer said of ADI.
While Analog Devices is not necessarily working on self-driving automobiles, it does have a radar within the vehicle and is working with electric batteries. The push for connected technology, Internet of Things and improved efficiency is helping to drive ADI stock higher.
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This article is commentary by an independent contributor. At the time of publication, the author had a position in AAPL.