Why Shares of Maxim Integrated Products Jumped Today
Shares of Maxim Integrated Products (NASDAQ: MXIM) jumped on Monday after the semiconductor company reported preliminary fourth-quarter results and announced that it had agreed to be acquired by Analog Devices (NASDAQ: ADI) in an all-stock deal. Shares of Maxim were up about 11% at 12:35 p.m. EDT, while shares of Analog Devices were down 4%.
Maxim announced that it expects to report revenue of $545 million for its fiscal fourth quarter, compared to previous guidance calling for revenue between $480 million and $540 million. The company cited a strong performance from its manufacturing operations for the revenue beat.
Image source: Getty Images.
Source Fool.com
