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Maxim Integrated Products (MXIM) Stock Jumps on Potential Analog Devices Merger

NEW YORK (TheStreet) -- Shares of Maxim Integrated Products (MXIM - Get Report) were gaining 10.6% to $38.39 with heavy trading volume on Wednesday following a report that the chipmaker is in talks to merge with competitor Analog Devices (ADI).

Analog Devices approached Maxim about the potential merger as the latter company was working with a bank on a strategic review, according to Bloomberg. The merger talks between the two companies are reportedly ongoing and may not result in a deal.

A merger between the two analog chip makers would help them reach a higher scale as the industry moves towards consolidation.

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About 9.5 million shares of Maxim Integrated Products were traded by 3:58 p.m. Wednesday, above the company's average trading volume of about 2.7 million shares a day.

TheStreet Ratings team rates MAXIM INTEGRATED PRODUCTS as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

We rate...