Stock Alert: Magnachip Stock Up As Co. Raises Revenue Outlook

(RTTNews) - Shares of Magnachip Semiconductor Corp. (MX) rose 11.05% on Tuesday to hit a new high of $14.58, before closing at $13.97, after the company raised its revenue guidance, better than the consensus estimates. The stock more than doubled in the past one year.

MagnaChip Semiconductor Corporation is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions.

On January 13, Magnachip said it expects fourth-quarter revenue to be in the range of $198 million-200 million, compared with the consensus estimate of $186 million. Previous guidance for revenue was in the range of $181 million to $191 million.

Fourth-quarter results are expected to be reported on February 13.

In November last year, Magnachip CEO YJ Kim was awarded the Industrial Service Medal by the Korean Government for his efforts to attract investment and encourage job development in Korea.