Rambus Inc. (NASDAQ: RMBS) has been battered and bruised in the last year. In fact, it is still a stock trading under the magical $10.00 level right now even on a day with good news. Shares were up almost 10% on last look at $8.27 on more than 1 million shares in less than an hour and today is not a day of patent news. The memory architecture licensing company somehow managed to raise guidance for the December quarter.
The Company revised its revenue guidance higher to approximately $83 million, after having initially offered revenue guidance of $66 million to $71 million for the quarter.
Rambus shares are up 9.8% at $8.29 against a 52-week trading range of $4.00 to $22.20. Technical traders may use the 20-day moving average of $7.72 as the new key support level that had been tested before today’s news.
Unfortunately, the 50-day moving average includes additional pre-news trading from its adverse patent ruling. The 50-day moving average is $11.26 for now. Next resistance: $8.70, then $9.10.
JON C. OGG
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