Microchip Technology Incorporated (MCHP - Free Report) was a big mover last session, as the company saw its shares rise nearly 10% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This reverses the recent trend for the company, as the stock is now down 37.7% in the past one-month time frame.
The move came after the company reported that it will exchange $615 million in notes for cash and 3.1 million shares.
The company has seen seven negative estimate revisions in the past few weeks, while its Zacks Consensus Estimate for the current quarter has also moved lower over the past few weeks, suggesting there may be trouble down the road. So make sure to keep an eye on this stock going forward, to see if this recent move higher can last.
Microchip currently has a Zacks Rank #3 (Hold) while its Earnings ESP is 0.00%.
A better-ranked stock in the Semiconductor - Analog and Mixed industry is Inphi Corporation (IPHI - Free Report) , which currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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