Shares of Zoom Technologies, Inc. (ZOOM) are higher on the session by 42%, trading at $5.43. The co. announced Wednesday morning that it expects to report full year 2011 net income between $16 and $17 million versus $15.4 million consensus, and revenues of $320 million to $340 million versus $326.13 million.
Mr. Leo Gu, Chairman and CEO of Zoom Technologies, stated, "We are pleased to announce our guidance for 2011 which shows our confidence in gaining market share."
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Technically speaking, ZOOM gapped open higher Wednesday and has continued to rise on strong average volume. More than 4.4 million shares have already traded hands compared to a daily average of around 167,000. Over the last month, ZOOM has gained nearly 24%, but still remains at depressed levels, having fallen more than 37.5% year-to-date. The stock currently trades at a trailing P/E of 5.91, a forward multiple of 6.00 and a t/12 EPS of 0.91.
At last check, shares of ZOOM were up $1.56, or 40.73%, at $5.39. Day's Range: $4.51 -$ 5.67. The stock is now poised to challenge resistance at $6, which hasn't been surmounted on a daily closing basis since June 21.
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Disclosure: No Position