NEW YORK ( TheStreet) -- Shares of Varian Semiconductor Equipment Associates (Nasdaq: VSEA) were gapping up Wednesday morning with an open price 51.5% higher than Tuesday's closing price. The stock closed at $40.55 Tuesday and opened today's trading at $61.42. The average volume for Varian Semiconductor Equipment Associates has been 1.2 million shares per day over the past 30 days. Varian Semiconductor Equipment Associates has a market cap of $3.1 billion and is part of the technology sector and electronics industry. Shares are up 9.7% year to date as of the close of trading on Tuesday. Varian Semiconductor Equipment Associates, Inc. designs, manufactures, markets, and services semiconductor processing equipment used in the fabrication of integrated circuits to the semiconductor manufacturers worldwide. The company has a P/E ratio of 12.1, equal to the average electronics industry P/E ratio and below the S&P 500 P/E ratio of 17. TheStreet Ratings rates Varian Semiconductor Equipment Associates as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, solid stock price performance and impressive record of earnings per share growth. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results. You can view the full Varian Semiconductor Equipment Associates Ratings Report. Get more investment ideas from our investment research center. Interested in other stocks that are gapping up? Get free SMS text alerts sent to you when the action happens by texting UP to 95370 or select from multiple alert options.