Top Performer for Tues: Conexant (CNXT)

Conexant Systems, Inc. (CNXT) is one of the top-performing Zacks #1 Rank companies on Tuesday with shares that have advanced approximately 9.7%.

Volume today is also on the rise at more than 2 million shares, compared to the daily average of nearly 939,000.

In its fiscal fourth quarter, the semiconductor company announced EPS that easily surpassed the Zacks Consensus Estimate. Earnings estimates advanced in response but have stood still since.

Conexant Systems is a fabless semiconductor company with a comprehensive portfolio of innovative semiconductor solutions, including products for imaging, audio, embedded-modem and video applications.

CNXT is part of the electronic components - semiconductors industry, which is well-represented on the Zacks #1 Rank List. There are 7 other names from that space on today's list, including Actel Corporation (ACTL), Analog Devices, Inc. (ADI), Broadcom Corporation (BRCM), Cirrus Logic, Inc. (CRUS), Integrated Device Technology, Inc. (IDTI), Integrated Silicon Solution, Inc. (ISSI) and LSI Corporation (LSI).

Earnings Estimates for Conexant

Two covering analysts for this fiscal year, ending September 2010, have contributed to a Zacks Consensus Estimate of 33 cents per share. That guidance has been unchanged for the past month, but remains approximately 27% better than 2 months ago.

Meanwhile, the Zacks Consensus Estimate for next fiscal year, ending September 2011, is currently at 47 cents per share. (There's only 1 covering analyst for this period.) That is unchanged in 30 days but suggests profit growth of more than 40% from the current fiscal year.

Beat by 300% in Fiscal Fourth Quarter

Conexant Systems reported earnings per share of 6 cents, excluding items, for its fiscal fourth quarter in late October, which sharply surpassed the Zacks Consensus Estimate for a loss of 3 cents.

While core net revenues declined to $56.2 million from $81.1 million year over year, the result still surpassed the company's guidance and the performance of the sequential quarter. (It's imaging and audio businesses grew 18% sequentially and accounted for 58% of total revenues.)

Read the full analyst report on LSI

Read the full analyst report on CNXT

Read the full analyst report on ACTL

Read the full analyst report on IDTI

Read the full analyst report on ISSI

Read the full analyst report on ADI

Read the full analyst report on CRUS

Read the full analyst report on BRCM