Affymetrix Soars 14.3% On Guidance (AFFX)

Shares of Affymetrix, Inc. AFFX are trading up 14.3% at $5.36 per share during the Wednesday afternoon trading session. The company reported on Wednesday before the market opened that it expects to earn a profit during the 4th quarter, on revenue of about $85 million. President and chief executive officer Kevin M. King said, “We made significant progress in 2010 and we expect to report positive operating income and net income for both the fourth quarter and the second half of 2010. These results reflect our disciplined focus on operations which has significantly lowered our break-even point. We exit 2010 in a strong financial position and we are committed to the continued improvement of our business in 2011 and beyond.” The day's trading range for shares of Affymetrix, Inc has been between $4.94 and $5.39 per share. Analysts covering Affymetrix, Inc. (AFFX)stock give it a consensus price target of $5.57 per share. Trading volume for Affymetrix, Inc has been heavier than usual, with 1.6 million shares having been traded today, already nearly double the daily average volume of 872,000 shares. Affymetrix technology is used by the world's top pharmaceutical, diagnostic, and biotechnology companies, as well as leading academic, government, and nonprofit research institutes. Read more from Benzinga's Company news.