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Tech Industry

Credence Systems gains on &#034buy&#034 recommendation

Credence Systems shares moved up 3 3/16, or 6 percent, to 58 Monday after Morgan Stanley Dean Witter started the maker of test equipment and software for the semiconductor industry with a "buy" recommendation.

In its latest quarter, Credence (Nasdaq: CMOS) topped analysts' estimates, earning $33.5 million, or $1.26 a share, on sales of $153.8 million.

Its shares also split 2-for-1 in May.

First Call Corp. consensus expects it to earn 75 cents a share in its third quarter.

All 11 analysts tracking the stock rate it either a "buy" or "strong buy."

Its shares moved as high as 79 3/8 in April after falling to a low of 16 7/8 last July.