ACM Research (ACMR) Soars 19% After 7 Days of Sideways Trading

We recently published 10 Stocks With Eye-Popping Gains Amid Wall Street Cheer. ACM Research, Inc. (NASDAQ:ACMR) is one of the top performers on Friday.

ACM Research saw its share prices jump by 19.21 percent on Friday to close at $30.53 apiece after seven consecutive days of sideways trading, thanks to an overall market optimism buoyed by the central bank’s rate cut signals.

In other company-specific news, ACM Research, Inc. (NASDAQ:ACMR) reported a better earnings performance in the second quarter of the year, with attributable net income jumping 23 percent to $29.76 million from $24.21 million in the same period last year.

Revenues were also higher by 6 percent to $215 million from $202 million year-on-year.

In the first half, attributable net income rose by 20 percent to $50.14 million from $41.64 million, while revenues increased by 9 percent to $387.7 million from $354.67 million year-on-year.

Boosted by the strong earnings performance during the past quarters, ACM Research, Inc. (NASDAQ:ACMR) said it was maintaining its growth outlook for the year, with revenues targeted to hit $850 million to $950 million.

“This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors,” it said.

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