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S hares of Harman International Industries (HAR) surged to near an eight-year high on Thursday after the maker of premium audio products and car infotainment systems smashed December-quarter forecasts and announced a partnership with China search leader Baidu. The Stamford, Conn.-based company on Thursday said it earned $1.79 a share on sales of $1.58 billion for its fiscal Q2 ended Dec. 31. On a year-over-year basis, earnings per share jumped 64% and sales rose 19%. Analysts polled by Thomson Reuters had expected Harman to earn $1.28 a share on sales of $1.48 billion. Excluding the impact of foreign currency translation, sales would have been up 24%. Harman stock broke out in heavy trading on the stock market today. In early afternoon trading, Harman shares were up 18% to 119.23. Earlier in the session, Harman hit 121.87, its highest point since April 2007. “Despite foreign exchange headwinds, our fiscal… Scalper1 News
Scalper1 News