Altera Corp. (ALTR:US), a maker of programmable chips, surged the most since 2004 after forecasting sales that may beat analysts’ estimates this quarter on stronger demand for wireless-communications gear.
Altera, based in San Jose, California, yesterday predicted third-quarter revenue will increase 2 percent to 6 percent from the previous three months. That indicates sales of $474 million to $493 million and compares with an average analyst estimate of $470 million, according to data compiled by Bloomberg.
Shares rose $4.50, or 15 percent, to $35.17 in New York trading after earlier trading as high as $36.20. Through yesterday, they had lost 17 percent this year.
Altera Chief Executive Officer John Daane told analysts yesterday that the telecommunications and wireless business had led his company’s gains in the second quarter. Spending on network improvements in China helped boost demand, he said.
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