Market Overview

The Street Is Looking For A Beat From Analog Devices

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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.

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.

Posted-In: Pre-market outlookTechnicals Movers & Shakers Previews Intraday Update Movers Trading Ideas General

 

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