STMicroelectronics (STM) saw its shares rise more than 10% in one day.
This came after STMicroelectronics reported solid third-quarter results.
In addition, the move came on solid volume. Far more shares changed hands than in a normal session.
Furthermore, this continues the recent uptrend for the company. The stock is now up 20% in the past one-month time frame.
Technology has been a hot sector recently. And STM is seen as one of the best performing stocks in the technology sector.
Most notably, the semiconductor industry has been outperforming the broad sector. Chips have been buoyed by innovative technologies. New areas such as autonomous cars, cloud computing, gaming, wearables, VR headsets, drones, virtual reality devices, Internet of Things (IoT) and artificial intelligence are fueling exceptional growth in the industry. Furthermore, this performance has offset struggling revenues in traditional businesses like PCs and smartphones.
STM is based in Geneva, Switzerland. It is a global independent semiconductor company. The company designs, develops, manufactures and markets a broad range of semiconductor integrated circuits and discrete devices. Their products are used in a wide variety of microelectronic applications. These include telecommunications systems, computer systems, consumer products, automotive products and industrial automation and control systems.