Altera's Stock Surge Adds $2.9 Billion To Its Market Cap After Report Of Intel Interest

Shares of Altera Corp. shot up as much as 28% to the highest level since July 2011 in late-afternoon trade Friday, after The Wall Street Journal reported that semiconductor maker held talks to be bought out by Intel Corp. . Volume was 12.2 million shares, or more five times the full-day average, according to FactSet. Prior to the stock's rally, Altera had about 300.9 million shares outstanding, which at Thursday's closing price of $34.58 would give the company a $10.4 billion market capitalization. At current prices, the market cap is now $13.3 billion. Intel's stock climbed 7.2%.