US Stock Market Move | Q2 net sales hit a record high, Semtech Corporation (SMTC.US) surged more than 16%

On Tuesday, Semtech Corporation (SMTC.US) surged over 16% to a six-month high of $59.40. On the news front, the company reported record net sales for the second quarter and significantly reduced its debt. Analysts attributed its performance to establishing a favorable position in the high-performance computing solutions sector with sustained growth. Additionally, the company announced a net sales target of $266 million for the third quarter, driven primarily by strong demand in data centers and LoRa technology.