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Tech Industry

Upgrade sparks Galileo Technology

Galileo Technology shares moved up 2, or 15 percent, to 15 3/4 Tuesday after Salomon Smith Barney upgraded maker of digital semiconductor devices from an "outperform" rating to a "buy."

Galileo (Nasdaq: GALT) shares fell to a 52-week low of 12 9/16 earlier this month.

Last quarter, Galileo warned that its sales and earnings would be lower than expected.

In the quarter, it posted a profit of $4.4 million, or 10 cents a share, on sales of $20.2 million.

The stock moved as high as 34 9/16 in September.

Eight of the 12 analysts following the stock rate it either a "buy" or "strong buy."

First Call Corp. consensus expects it to earn 11 cents a share in its second quarter and 49 cents a share in the fiscal year.