US-traded shares of STMicroelectronics jumped after the Switzerland-based chip maker posted a smaller second-quarter loss and, excluding items, adjusted earnings above Wall Street's expectations.

"We were impressed with the revenue, operating, and earnings results given the continued negative impact of a stronger Euro and the uncertain economic environment," wrote Stifel Nicolaus analyst Cody Acree in a note to investors, keeping a "Buy" rating on the stock.

The company posted adjusted earnings of $0.18 per share. Analysts, on average, had expected a profit of $0.14 per share, according to a poll by Thomson Financial.

Citi Investment Research analyst Glen Yeung called the quarter's results "solid," but not enough to change his "Hold" rating.

Yeung said in a note to investors that ST's strength in its telecom business, which grew 14% quarter-over-quarter, was in "stark contrast" to rival Texas Instruments, which posted a 2% decline in second-quarter wireless revenue. Texas Instruments posted second-quarter results below Wall Street's expectations Monday.

Source:AP News