Anadigics Goes Along for the Rally Ride

The wireless component maker jumps after upgrading guidance.
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Anadigics

(ANAD)

jumped into the

Cisco

(CSCO) - Get Report

jet stream Wednesday morning, soaring on some good news of its own.

The component maker upgraded its revenue and loss guidance just over two weeks since delivering its second-quarter projections. Anadigics hopes to deliver $23 million in revenue for a 29-cents-a-share loss.

Wall Street consensus called for $21 million in revenue and a 31-cents-a-share loss, which was consistent with the company's previous guidance, delivered on April 22. The company attributed the 10% revenue boost to robust sales of its CDMA power amplifiers, which will goose its wireless revenue while broadband sales remain stable with expectations.

In the first quarter, Anadigics turned in $19.5 million in revenue and a 37-cents-a-share loss. The company is expecting a favorable year-on-year comparison against the second quarter of 2001's $19 million in revenue and wide 48-cents-a-share loss.

Anadigics shares were up more than 20% to $10.32 in midafternoon trading.