Shares of Hauppauge Digital Inc soared as much as 60 percent Friday, a day after the company said its products can now stream live TV over the internet for Apple's iPad, iPhone and iPod.
Shares of the company were trading up 31 percent at $3.96 in heavy volumes on Nasdaq. They touched a two-year high of $4.85 earlier in the day. More than 23 million shares changed hands by the afternoon, about 800 times their 10-day moving average volume.
Hauppauge Digital develops analog and digital television tuners and other products for the personal computer market.
The company said its WinTV-HVR TV tuner cards for PCs can stream live TV from a user's home over the internet to the iPad, iPhone and iPod touch and any Apple Macintosh computer which supports a Safari Web browser, with the help of its WinTV Extend feature.
The WinTV v7.2 application that includes WinTV Extend will be available directly from Hauppauge for $9.95.
Most of the company's products enable the recording of TV shows to a PC's hard disk, receiving of digital TV data transmissions, and the display of digital media stored on a computer to a TV set via a home network.
Hauppauge, which competes with ATI Technologies Inc, a division of Advanced Micro Devices, reported revenue of $59 million for the fiscal year ended September 2009, according to an SEC filing.
The company also competes with Sony Corp, Toshiba Corp, Cisco Systems and others for some of its products in the consumer electronics market.
Hauppauge was co-founded by CEO Kenneth Plotkin, who worked with Intel Corp for eight years, in 1992.
(Reporting by Mansi Dutta in Bangalore; Editing by Unnikrishnan Nair)