TGC Industries Inc. (TGE) and CEVA Inc. (CEVA)

It was another day in the red for the major indices on Tuesday as investors await resolution on the debt ceiling. Nonetheless, there were several Zacks #1 Rank (Strong Buy) stocks that showed strong gains on the day.

TGC Industries, Inc. (TGE - Snapshot Report) was one such stock, rising 12.8% on normal volume.

TGC Industries, Inc. is engaged in the domestic geophysical services business principally through conducting seismic surveys and to a lesser extent through sales of gravity information from the company's data bank to companies engaged in the exploration for oil and gas in the United States. It has a market cap of $130 million.

The company reported much better than expected results for the first quarter of 2011. Earnings per share came in at 33 cents, crushing the Zacks Consensus Estimate of 11 cents. Revenue jumped 66% to $50.2 million driven by continued improvement in the North American land seismic acquisition market.

Estimates jumped higher off the strong beat, sending the stock to a Zacks #1 Rank (Strong Buy).

Valuation looks reasonable too, with shares trading at just 13.6x 2011 earnings, a significant discount to the industry average of 20.7x. Its price to book ratio is essentially in-line with its peers.

The company reports its results for the second quarter on August 1.

Another Zacks #1 Rank (Strong Buy) stock on the move Tuesday was CEVA, Inc. (CEVA - Snapshot Report), which rose 7.5% after the company reported better than expected results for the second quarter.

CEVA Inc is the leading licensor of DSP cores and integrated applications to the semiconductor industry. It has a market cap of $745 million.

Earnings per share came in at 22 cents, crushing the Zacks Consensus Estimate of 14 cents. It was an 83% increase over the same quarter in 2010. Total revenue was up a stellar 36% to $10.6 million, driven by a 60% jump in royalty revenue.

Expect analysts to revise their estimates significantly higher in the coming days.

Shares trade at a lofty 49.6x current 2011 earnings estimates, but, again, expect earnings estimates to head higher soon.

Other notable top performing Zacks #1 Rank stocks from Tuesday include: Molycorp, Inc (MCP - Snapshot Report), which jumped 6.5%, Baidu, Inc. (BIDU - Snapshot Report), which rose 5.0%, and TESSCO Technologies Inc. (TESS - Snapshot Report), which was up 4.8%.

To see the full list of Zacks #1 Rank (Strong Buy) stocks click here.

Todd Bunton is the Growth & Income Stock Strategist for Zacks Investment Research.

Read the full analyst report on TGE

Read the full analyst report on CEVA