17 Gifts at All-Time Lows Gifts Under $30 ChatGPT, a Mindblowing AI Chatbot Neuralink Investigation Kirstie Alley Dies New Deadline for Real ID RSV Facts Space Tomatoes
Want CNET to notify you of price drops and the latest stories?
No, thank you

E-Tek Dynamics makes some noise

Chipmaker E-Tek Dynamics Inc. (Nasdaq: ETEK) shot up 3, or 10 percent, to 34 Thursday after Soundview Technology Group upgraded the stock from a "buy" to "strong buy" recommendation.

E-Tek, which makes complex chips for fiber-optic networks, is now rated either a "buy" or "strong buy" by nine of the 11 analysts following it.

Last quarter, it earned $8.6 million, or 14 cents a share, on sales of $49.4 million.

First Call consensus expects it to pocket 14 cents a share in its fourth quarter and 48 cents a share in the fiscal year.

Aftering making a dazzling debut in its initial public offering back in December, the stock quickly slumped to an all-time low of 19 7/16.

But by mid-May, its shares had surged to a high of 51 3/16.

E-Tek, along with other semiconductor companies, stands to benefit from a turnaround in the worldwide semiconductor industry this year. Most analysts are predicting sales growth of between 12 percent to 17 percent in 1999.