Bitcoin sets a new all-time high above $6,000 >>> READ MORE

ARRS: Why Arris Group Is Up Sharply Today

Its second-quarter outlook beat forecasts


On Tuesday, Arris Group (ARRS) posted a first-quarter profit that topped estimates. ARRS shares climbed more than 11% in Wednesday morning trading.

trading volumeARRS shares gained after the cable-equipment manufacturer said it earned $40.8 million during the quarter. In the prior-year periods ARRS reported a loss of $14.7 million. Adjusted EPS came in at 47 cents, beating the 45 cents that Wall Street had anticipated, RTT News noted.

CAT: Caterpillar Stock Jumps on Forecast, Profits
CAT: Caterpillar Stock Jumps on Forecast, Profits

Looking forward, ARRS said that it expects second-quarter adjusted EPS of between 64 cents and 70 cents on revenue of between $1.4 billion and $1.5 billion. That topped analysts forecasts of a profit of 50 cents on revenue of $1.2 billion during the current quarter, the Wall Street Journal said.

Also helping push ARRS stock higher today, TheStreet notes that Barclays (BCS) has increased its price target for Arris Group stock to $30 per share.

In 2012, ARRS purchased Motorola Mobility’s TV set-top box business from Google (GOOG) for $2.35 billion.

ARRS stock closed Tuesday at $25.72 per share.

More Stocks on the Move:

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC