2023-07-13 16:10:08 ET
- Allegro MicroSystems ( NASDAQ: ALGM ) shares gained more than 9% on Thursday as investors piled into the semiconductor company on heavy volume.
- More than 3.9M shares of Allegro MicroSystems ( ALGM ) changed hands on Thursday, more than twice the average daily volume of 1.56M shares. No company specific news is attributed to the surge in investor interest, but tech stocks saw solid gains during the trading session after recent economic data continued to point to slowing inflation.
- On Thursday, the Producer Price Index rose just 0.1% from a year earlier in June, the smallest gain in three years. Economists were expecting the index to rise 0.2% during the month. One day prior, the closely watched Consumer Price Index rose 0.2% during June, below the 0.3% that economists were expecting.
- Allegro MicroSystems ( ALGM ) said on Tuesday that it would report fiscal first-quarter results on August 1.
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Why did Allegro MicroSystems stock soar today? Investors pile in