NEW YORK ( TheStreet) -- Shares of Novellus Systems (Nasdaq: NVLS) have taken a tremendous swing upward. The stock is trading at $42.28 as of 9:30 a.m. ET, 21.8% above Wednesday's closing price of $34.70. Volume is at 4.8 million, 2.8 times the daily average of 1.7 million.

Novellus Systems has a market cap of $2.35 billion and is part of the technology sector and electronics industry. Shares are up 9.3% year to date as of the close of trading on Wednesday.

Novellus Systems, Inc., together with its subsidiaries, develops, manufactures, sells, and supports equipment used in the fabrication of integrated circuits. The company operates in two segments, Semiconductor Group and Industrial Applications Group. The company has a P/E ratio of 10.1, equal to the average electronics industry P/E ratio and below the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Novellus Systems as a buy. The company's strengths can be seen in multiple areas, such as its notable return on equity, attractive valuation levels, solid stock price performance, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Novellus Systems Ratings Report.

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