Altera Stock Gaps Up On Today's Open (ALTR)

NEW YORK ( TheStreet) -- Shares of Altera (Nasdaq: ALTR) were gapping up Wednesday morning with an open price 12.5% higher than Tuesday's closing price. The stock closed at $30.67 Tuesday and opened today's trading at $34.49.

The average volume for Altera has been 3.9 million shares per day over the past 30 days. Altera has a market cap of $10.04 billion and is part of the technology sector and electronics industry. Shares are down 17.3% year to date as of the close of trading on Tuesday.

Altera Corporation, a semiconductor company, designs, manufactures, and markets programmable logic devices (PLD), HardCopy application-specific integrated circuit (ASIC) devices, pre-defined design building blocks, and associated development tools. The company has a P/E ratio of 15.4, equal to the average electronics industry P/E ratio and below the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Altera as a buy. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share. You can view the full Altera Ratings Report.

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