Dec. 3 at 8:54 PM
Microchip Technology shares surged 12.27% to
$63.66 , making it the top performer in the S&P 500 after raising its fiscal Q3 adjusted earnings forecast to 40 cents per share, up from a prior range of 32–40 cents. The company now expects net sales growth of about 1% from the previous quarter, improving from an earlier forecast of a slight decline. CEO Steve Sanghi noted business performance has exceeded expectations so far this quarter.
Other chip makers also gained: ON Semiconductor rose 8.5%, Texas Instruments 4.4%, and Qualcomm 2.1%. Microchip’s stock is now positive for 2025, recovering from a 52-week low of
$35.34 in April. Analysts at KeyBanc and Citi raised or maintained bullish ratings, citing strong potential earnings growth as the analog semiconductor market rebounds.
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