STMicroelectronics jumps after solid 2Q results

"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 18 cents per share Tuesday. Analysts, on average, had expected a profit of 14 cents 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 percent quarter-over-quarter, was in "stark contrast" to rival Texas Instruments Inc., which posted a 2 percent decline in second-quarter wireless revenue. Texas Instruments posted second-quarter results below Wall Street's expectations Monday.

The Geneva-based company's American Depositary Shares rose 70 cents, or 6.6 percent, to end at $11.34 Wednesday. The stock has traded in the 52-week range of $9.88 and $19.58.