Newport Up Again
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IRVINE — Newport Corp. stock rose nearly 11% Monday to set its second 52-week high in as many sessions. Traders said a market maker has been buying up the stock since the middle of last week.
Robert C. Hewitt, chief financial officer of the Irvine maker of test and measurement equipment for disk-drive, fiber-optic and communications markets said there were no corporate developments that would account for the stock’s rise.
Newport shares rose $1.75 to $15.50 after hitting $16 earlier in the session on the Nasdaq market. Nearly 142,000 shares changed hands, four times the daily average.
The stock’s previous 52-week high of $13.88 was set Friday.
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