US Stock Market Move | Microchip Technology Incorporated (MCHP.US) rises nearly 9%, booking a strong performance and raising third-quarter earnings guidance.

On Wednesday, Microchip Technology Incorporated (MCHP.US) rose nearly 9%, reaching $61.72. On the news front, Microchip Technology Incorporated raised its expectations for net sales and earnings per share for the third quarter, mainly due to strong bookings during the period. The company now expects adjusted earnings per share for the third quarter to be 40 cents, at the upper end of the previously estimated range of 34 to 40 cents per share; net sales are also expected to reach the upper end of the previously forecasted range of $1.11 billion to $1.15 billion.