HITT (Hittite Microwave Corp.)

This company "Designs analog/digital/mixed-signal ICs, modules and subsystems for RF, microwave and millmeterwave applications." If you understand what that means you should be working for the company... But the part that I understand is the company is in the semiconductor manufacturing business which has seen some good growth lately and the company is growing sales and earnings impressively. The balance sheet is healthy with virtually no long term debt and the multiple while higher than the average S&P multiple, is reasonable considering the growth trajectory.

Friday the company announced earnings and issued guidance for the coming year. The information was well received with the stock gapping up on the strongest volume in over a year. This comes after the stock had pulled back to form its first major base after coming public in early 2006.

I took a 3% position in the stock buying 7,000 shares at 43.22. The stock finished in the high end of the range Friday and traded in a healthy manner yesterday as well. It may face resistance at 51 (previous high from November) but I don't see that as a major hurdle unless the overall market gets sloppy.