Stock Alert: Magnachip Up 10% After Raising Revenue Outlook

(RTTNews) - Shares of Magnachip Semiconductor Corp. (MX) are currently up 10% on Tuesday morning, after the company raised its revenue guidance. A maker of analog and mixed-signal semiconductor platform solutions, MagnaChip increased its revenue view to $187 million to $197 million from previous guidance of $180 million to $195 million.

CEO YJ Kim said, "Our updated guidance range is based upon the best available current estimates and excludes any new and unanticipated potential negative impact from the effects of the coronavirus. We anticipate gross profit margin to be in the range of 23% to 25%."

MX is currently trading at $10.10, up $0.93 or 10.15%, on the NYSE. The stock is down 13% year-to-date.