Conexant Stock Jumps 18% on Profit Report
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Conexant Systems Inc. shares moved up 18% Thursday after the Newport Beach maker of semiconductors for communications equipment reported fiscal fourth-quarter profit that beat analysts’ forecasts.
Conexant’s stock rocketed $12.44 to $82.38, approaching the all-time high set a month ago. A total of 8.1 million shares changed hands on the Nasdaq market, almost five times the average daily volume over the last three months.
After the market closed Wednesday, Conexant said it earned $38 million, or 36 cents a share, compared with a loss of $233.8 million a year earlier, when it still was a unit of Rockwell International Corp. Analysts had expected earnings of 29 cents a share, according to a First Call Corp. survey.
Conexant benefited from increased sales of its chips for cellular and cordless phones and Internet-access gear.
Even before Conexant announced its results Wednesday, the stock climbed $6.31 a share.
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