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3Com shares hit the roof

3Com shares reach a 52-week high, following an earnings announcement that exceeded analysts expectations.

3Com (COMS) shares hit a 52-week high today, following its earnings announcement yesterday that exceeded analysts expectations.

3Com shares rose to 63-5/8 a share in morning trading, surpassing the 52-week high of $58 a share. The company's stock closed at 56-5/8 the previous day.

3Com, a producer of computer networking systems, said its first quarter net profits climbed to $93.1 million, or 52 cents a share, for the quarter ending August 31, up 62 percent from a year ago when earnings were $57.4 million, or 33 cents per share.

Analysts had expected 3Com to earn 50 cents a share based on Zacks Investment Research.

The company attributed its jump in profits to stronger sales of its systems products that range from switches to hubs.

Sales reached $707 million for the quarter, up 42 percent from a year earlier.