Gold Drops to $1,200/oz for First Time Since June in New York
Austriamicrosystems Jumps as 2012 Sales Forecast Raised
Austriamicrosystems AG (AMS) rose to the highest price in more than four years in Zurich after the Austrian chipmaker raised its sales forecast a second time this year as consumers buy more smartphones and tablet computers.
The stock gained as much as 11 percent to 68.75 Swiss francs, the highest intraday level since Aug. 10, 2007, and was trading up 8.2 percent as of 11:16 a.m. The stock has jumped 75 percent this year, valuing the company at 927 million francs ($1.02 billion).
Austriamicrosystems expects 2012 sales to increase more than 30 percent, the Unterpremstaetten-based manufacturer said in a statement late yesterday. First-quarter net income more than doubled to 19.2 million euros ($25 million) from 7.4 million euros a year earlier, while sales rose 64 percent to 90.7 million euros. The company increased the revenue forecast previously on Feb. 29, when it predicted full-year growth exceeding 25 percent.
“We see attractive growth potential,” Michael Foeth, an analyst at Bank Vontobel, wrote in a note to investors, adding that Austriamicrosystems’ profit was 60 percent higher than his estimate. He has a buy recommendation on the stock. “All lights on green.”
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