Shares of Semtech Corporation (NASDAQ: SMTC), a supplier of analog and mixed-signal semiconductor products, are seeing a huge rally in trading today. At last check, SMTC shares were trading 11.98% higher at $27.90 on above average volume of 1.99 million. The stock hit an intra-day high of $29.68 in trading today.
SMTC shares are soaring after the company reported its third-quarter financial results. For the quarter ended October 28, 2012, SMTC reported net revenue of $160.9 million, up 29.8% over the same period in the previous year. The company’s gross profit margin for the quarter was 60.2%, compared to 59.2% reported for the same period in the previous year.
SMTC’s GAAP net income for the quarter was $16.6 million, or $0.25 per share, compared to $27 million, or $0.40 per share reported for the same period in the previous year. Non-GAAP net income for the quarter was $36.1 million, or $0.53 per share, compared to $35 million, or $0.52 per share reported for the same period in the previous year.
Mohan Maheswaran, President and CEO of Semtech, said that despite a challenging macroeconomic environment, SMTC posted record revenue, expanded margins and grew profits in the third quarter.
Shares of HeartWare International Inc. (NASDAQ: HTWR), a developer and manufacturer of small implantable heart pumps, or ventricular assist devices for the treatment of advanced heart failure, are soaring in trading today. At last check, HTWR shares were trading 8.16% higher at $81.95 on above average volume of 348,918. The stock hit an intra-day high of $82.50 in trading today.
Earlier this month, HTWR announced the receipt of approval from the FDA for the HeartWare Ventricular Assist System as a bridge to heart transplantation in patients with end-stage heart failure. Doug Godshall, President and CEO of HeartWare, said that FDA approval marks the culmination of an extensive clinical effort and represents an exciting advance in the treatment of late-stage heart failure patients.
Earlier this month, HTWR also announced its third-quarter financial results. For the quarter ended September 30, 2012, HTWR reported revenue of $22.9 million, compared to $21.3 million reported for the same period in the previous year. The company reported a net loss of $25 million, or $1.75 per share for the third quarter, compared to a net loss of $14 million, or $1 per share reported for the same period in the previous year.
Shares of Acura Pharmaceuticals Inc. (NASDAQ: ACUR), a specialty pharmaceutical company engaged in the research, development and commercialization of products focused on addressing medication abuse and misuse, using its Aversion and Impede Technologies, are rallying in trading today.
At last check, ACUR shares were trading 35.92% higher at $1.93 on above average volume of 1.32 million. The stock hit an intra-day high of $2.60 in trading today. ACUR shares have now gained more than 62% in the last three trading sessions.
Shares of Mcmoran Exploration Co. (NYSE: MMR), a company engaged in the exploration, development and production of oil and natural gas in the shallow waters of the Gulf of Mexico and onshore in the Gulf Coast area of the U.S., are up sharply in trading today.
At last check, MMR shares were trading 8.06% higher at $8.85 on above average volume of 5.25 million. The stock hit an intra-day high of $8.99 in trading today.
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