National Semiconductor Shares Rise on Profit, Buyback |
| Bloomberg - Jun 8, 2007 |
Shares of National Semiconductor Corp., a maker of chips that manage power in electronic devices, surged after the company posted profit that beat analysts' estimates and announced a $2 billion stock buyback.
The stock rose $2.42, or 9.4 percent, to $28.21 at 9:46 a.m. in New York Stock Exchange composite trading, the most since February 2005. The Santa Clara, California-based company reported yesterday that fourth-quarter net income fell less than predicted and that sales climbed from the preceding three months, a sign that an industry glut may be abating.
Chief Executive Officer Brian Halla said demand for mobile- phone parts improved last quarter, and new products such as audio amplifiers for handsets helped boost profit.
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- Posted: 2007-06-08 10:18:54
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