NEW YORK ( TheStreet) -- Shares of Thomas & Betts Corporation (NYSE: TNB) have taken a tremendous swing upward. The stock is trading at $71.26 as of 9:30 a.m. ET, 23% above Friday's closing price of $57.95. Volume is at 2.3 million, 7.1 times the daily average of 323,900. Thomas & Betts has a market cap of $3.01 billion and is part of the industrial goods sector and industrial industry. Shares are up 6.1% year to date as of the close of trading on Friday. Thomas & Betts Corporation designs, manufactures, and markets electrical components for industrial, construction, and utility markets in the United States, Canada, and Europe. It operates in three segments: Electrical; Steel Structures; and Heating, Ventilation, and Air-Conditioning (HVAC). The company has a P/E ratio of 18, above the average industrial industry P/E ratio of 17.7 and above the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Thomas & Betts as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. 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 Thomas & Betts Ratings Report. See our top % gaining stocks list for other stocks that are soaring today, or get investment ideas from our investment research center. Interested in other stocks that are soaring? Get free SMS text alerts sent to you when the action happens by texting SOAR to 95370 or select from multiple alert options.