Wall Street Pit’s Midday Market Gainers: AAPL, CSR, BIIB, ENTG, QCOM, MS

Shares of Apple Inc. (AAPL) jumped 3.5 percent to $355.00 at the start of trading Thursday after the company said second-quarter profit almost doubled. Apple’s net income came in at $5.99 billion, or $6.40 a share, up from $3.07 billion, or $3.33 a share in the same period last year (y/y). Sales printed 83% higher to $24.7 billion compared to $13.5 billion y/y. Analysts predicted profit of $5.39 a share on sales of $23.4 billion. Apple had its pps target raised to $495 from $465 at UBS AG (UBS) – following earnings results. The median Wall Street price target on the shares of Apple is $440.00 with a high target of $550.00.

China Security & Surveillance Technology Inc. (CSR) advanced more than 18 percent to $5.78 after the maker of security systems agreed to a buyout offer from its Chairman and Chief Executive Officer Guoshen Tu, valuing the company at $583.2 million, or $6.50 a share. Shares of CSR, are currently up 11%, to $5.36. Volume has exploded with nearly 4 million shares already trading hands compared to a daily average volume of 1.4 million shares. Day’s range: $5.31 to $5.78.

Biogen Idec Inc.
(BIIB) spiked 21 percent Thursday to $104.32. The world’s largest maker of multiple sclerosis medicines released strong results from a clinical trial of its experimental multiple sclerosis drug BG-12. Biogen said the co.’s net profit rose 35% to $294 million, or $1.20 a share, from $217 million, or $0.80 a share, y/y. Revenue rose 9 percent to $1.2 billion. Today’s trading range for shares of Biogen has been between $99.98 – $106.99. Volume of 10 million shares is already 5x higher than the daily average (3m) volume of 2 million shares.

Entegris Inc. (ENTG) advanced as much as 10 percent to $9.05 after the chip equipment maker of packaging equipment posted better-than-expected quarterly results.  The co.’s  Q1 net income surged 76 percent to $29.2 million, or 22 cents a share, exceeding the 21 cent average estimate by analysts. Revenue rose 27 percent. For the second quarter, Entegris said it expects a profit of $0.22- $0.25 p/sh, and revenue of $200-$210 million. The median Wall Street price target on the shares of ENTG is $9.00 with a high target of $11.00. Ticker day’s range: $8.85 – $9.28.

Shares of Qualcomm Inc. (QCOM) rose as much as 4 percent Thursday after the biggest maker of mobile-phone chips reported Q2 earnings of $0.86 a share, exceeding the $0.80 a share average analyst estimate. Qualcomm said its sales increased 46 percent to $3.88 billion vs $3.62 billion consensus in the period, which ended March 27. Qualcomm gained $1.66 to $56.83 at 11:38 a.m. New York time on the Nasdaq Stock Market. Volume of 14 million shares is already approaching the daily average volume of 16 million shares.

Shares of Morgan Stanley (MS) surged about 3% in midmorning trading. The owner of the world’s largest brokerage said its Q1 profit was $968 million, or $0.50 a share, down from $1.78 billion, or $0.99 a share, y/y. Analysts had expected Morgan to earn $0.42 a share on revenue of $7.88 billion. MS went as high as $27.38 intraday. Volume of 11.2 million shares is already approaching the daily average volume of 12.4 million shares.

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