Nice gap to close here...6.50 is the break
NEW YORK (Dow Jones)--Shares of TriQuint Semiconductor Inc. (TQNT) rose Monday ahead of Apple Inc.'s (AAPL) fiscal first-quarter results, scheduled for release after the closing bell. TriQuint sells radio-frequency semiconductors to Apple for its iPhone. As such, analysts said the company stands to benefit as Apple is expected to post high numbers and unveil a new tablet device or iPhone design on Wednesday. FBN Securities analyst Michael Burton said one takeaway from TriQuint's uptick would be its relationship with Apple. He added that his gut reaction is that "if Apple's iPhone units are extremely high, TriQuint will be a strong, direct beneficiary." In recent trading, TriQuint shares rose 8.5% to $6.37. The stock, which hit an intraday high of $6.34, has risen 4.4% in the last three months. Shares of Apple rose 2.8% to $203.38 ahead of the results. A TriQuint representative couldn't immediately be reached for comment. Craig-Hallum Capital analyst Anthony Stoss also said strong results from Apple could boost sentiment for TriQuint, as the company got 20% of its total revenue in the third quarter from the iPhone maker, though he said TriQuint may not be trading higher solely on its ties to Apple. Earlier this month, TriQuint raised its downbeat fourth-quarter outlook, citing increased holiday demand.
