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Standard Microsystems Corp. (SMSC) Rose To A 6-Week High On Q4 News

Standard Microsystems Corp. (SMSC: Quote) reported fourth quarter adjusted net income of $0.05 per share after the bell Tuesday, down from $0.26 per share last year. The consensus estimate was for a loss of $0.17. First quarter EPS is expected to be between $0.29 and $0.38, compared to the consensus estimate of $0.27.

Standard Microsystems gapped up sharply Wednesday and climbed during the first hour of trade. Profit taking set in as the session progressed, but the stock closed higher by 2.11 at $26.34, with volume at a 9-month high. The stock set a month and a half high and re-crossed its 50-day moving average.

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by RTT Staff Writer

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