Powerwave Shares Rise to 52-Week High

Powerwave Technologies Inc. shares rose 12% Thursday, a day after the company reported better-than-expected third-quarter earnings amid strong growth in its cellular-products business in the U.S. and Korean markets.

Shares of the wireless-equipment maker rose $5.25 to $48.50, a 52-week high in heavy trading. Volume totaled 1.8 million shares, about eight times the three-month daily average.

After markets closed Wednesday, Powerwave reported earnings for the third quarter ended Sept. 28 more than doubled to $4.7 million, or 26 cents a share, from $1.79 million, or 12 cents, a year earlier. Analysts had estimated that the company would post earnings of 21 cents per share.