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: firstname.lastname@example.org.