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Silicon Storage Technology gains ground

    Silicon Storage Technology shares shot up 3, or 11 percent, to 31 3/8 Thursday after First Union Securities started the chipmaker with a "strong buy" recommendation.

    In its latest quarter, Silicon Storage Technology topped analysts' estimates when it returned a profit of $22.5 million, or 71 cents a share, on sales of $103.2 million.

    It also completed a 3-for-1 split in August.

    Its shares moved up to a 52-week high of 38 7/8 in June after falling to a low of 4 in September.

    First Call Corp. consensus expects it to earn 27 cents a share in its third quarter and 96 cents a share in the fiscal year.

    Six of the seven analysts following the stock rate it either a "buy" or "strong buy."