Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

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.

>To contact the writer of this article, click here: Michael Baron.

>To submit a news tip, send an email to: tips@thestreet.com.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

If you liked this article you might like

Human BioArmor for Your Portfolio

Human BioArmor for Your Portfolio

Futures Mixed on Narrow Citigroup Beat

Futures Mixed on Narrow Citigroup Beat

St. Jude to Acquire AGA Medical

St. Jude to Acquire AGA Medical

Citi's Primerica IPO Points to Strategy Shift

Citi's Primerica IPO Points to Strategy Shift