While

Hewlett-Packard

(HPQ) - Get Report

got the splashy after-market tech headlines with dreary news of profit drops and layoffs,

Analog Devices

(ADI) - Get Report

shot up in trading after the close yesterday.

The stock is trading up $3.11 per share, or more than 15%, to $23.69. An hour into trading, the stock had already doubled its average daily volume.

The company beat street expectations in announcing its second quarter earnings yesterday, posting diluted EPS of 18 cents. That's up from 8 cents in the first quarter and down from 44 cents a year ago. Excluding restructuring charges, EPS came to 21 cents. The Massachusetts semiconductor maker, home-based in Norwood, reported $475 million in revenue, down 27% as compared to last year. The board also announced a 20 cent cash dividend to be paid on June 17.

"ADI's second quarter results were better than planned as we benefited from increased sales to communications infrastructure and consumer customers and a general abatement of inventory reductions by our customers," President and CEO Jerald G. Fishman said in a statement. Fishman also noted that spending cuts in the quarter helped.

In the same statement, Fishman forecasted the third quarter, saying revenue will be "approximately flat on a sequential basis." The company anticipates EPS to come in between 17 cents and 19 cents for the quarter.

This morning, Analog Devices also announced the creation of a single-IC USB isolator, an industry first.

All the news bumped Analog up in pre-market trading, where the stock shot up over 13% to settle in at $23.32 before the market open this morning.

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