Microchip Technology Inc. MCHP shares are trading higher by $4.60 (7.7 percent) at $74.22 in Wednesday's session. The catalyst for the move to a new all-time high is a Q3 EPS beat of $0.19 along with a $32 million beat for sales. The company significantly raised Q4 EPS and sales guidance.
At this time, its much higher opening tick of $76.50 stands as the high for the session. That far exceeds its former all-time high that was made on February 3 at $69.73.
The decline off the open has found support way above the top of Tuesday's range ($69.65) as $73.02 stands as the current low of the session. Since making that low, it has rebounded back into the mid-$74.00 handle.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.