Microchip Tech Find Sellers After Q3 Beat, Raised Guidance

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.