was surging Tuesday morning after saying fourth-quarter revenue and earnings will beat analyst expectations.
The company now expects to report adjusted earnings of 16 cents to 20 cents a share on revenue as high as $470 million. Analysts had expected the company to earn 13 cents a share on revenue of $425 million. The pro-forma adjusted income number excludes items such as goodwill amortization and various tax items that the company believes do not reflect operating results; it's primarily useful because of its comparability to analysts' forecasts. The company did not project a range for GAAP net income.
ATI was recently up $1.72, or 12%, to $15.48. ATI's stock has tripled since the beginning of the year and is now trading a dollar shy of its 52-week high of $16.41.
ATI competes with
in the graphics chip and board market for computers, set-top boxes and video game consoles. In early trading, Nvidia is up 47 cents, or 2%, $20.43, and Intel is up 27 cents, or nearly 1%.