Conexant Systems Inc. shares surged Thursday after the Newport Beach semiconductor maker posted profits that surpassed analysts' estimates for the third quarter.
The stock moved up 13%, or $7.50 a share, to $65.50, its highest close. The stock has almost quadrupled from its first day of trading after the company was spun off in December by Rockwell International Corp.
Conexant said late Wednesday that net income totaled $24.4 million, or 24 cents a share, surpassing the 19-cent average analyst estimate from First Call Corp. Six weeks ago, the company said it expected to "significantly exceed" forecasts, which then averaged 11 cents.
"They're benefiting from growth of the Internet and demand for cell phones," said Morgan Stanley Dean Witter & Co. analyst Mark Edelstone, who rates the shares "outperform." "This company is on a roll, and there's no sign of it letting up in the near term."