Altera Shares Popped: What You Need to Know

Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Altera (NAS: ALTR) are popping today by upward of 12% after the chip maker reported third-quarter earnings last night.

So what: Revenue for the quarter came in at $522.5 million while earnings per share was $0.57. While these figures were short of analysts' consensus, which called for $541.6 million in sales and $0.59 per share, shares are up today on optimism that the worst is in the rearview mirror.

Now what: Following the results, the stock is seeing an upside as a number of analysts are upgrading the company to buy, including Mizuho Securities and CLSA Asia-Pacific Markets. Analysts are also positive that Altera seems ahead of the competition with chips using a new 28-nanometer process. Altera also has some good exposure to the migration toward 4G LTE that is just now beginning.

Interested in more info on Altera? Add it to your watchlist byclicking here.

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