Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Analog Devices, Inc. (NASDAQ: ADI) shares are trading higher by $1.78 at $58.83 in Tuesday's session.
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The company is due to announce Q1 2015 earnings after the close. While the Street is looking for EPS of $0.61 on revenues of $760.54 million, traders and investors are bidding up the stock in expectations of a solid beat.
So far this month, the issue has rallied over $7.00 since bottoming on February 2 at $51.69. By reaching $58.86 in Tuesday's session, it is now trading at its highest level since February 2011 when it peaked at $62.50.
It should also be noted that the recent move is accompanied by significantly above-average volume. Analog has traded over 4 million shares, well ahead of its five-day average volume of 1.7 million.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.