What's Cooking in the Microwave?

Here is a stock that I think has bottomed in the short-term and possibly long term as well:

Hittite Microwave Corporation.

Who?

That's right, stock symbol HITT. Trades on the NASDAQ for about $32/share. So what do they do? Here is the profile from yahoo finance:

Hittite Microwave Corporation engages in the design and development of analog and mixed-signal integrated circuits, modules, and subsystems used in radio frequency, microwave, and millimeter wave applications worldwide. The company’s product portfolio comprises amplifiers, attenuators, frequency dividers and detectors, frequency multipliers, mixers and converters, modulators, oscillators, phase shifters, sensors, and switches. In addition, it supplies custom semiconductor components to its customers. The company’s products are used in a range of wired and wireless communications applications, such as cellular telephone base stations, microwave and millimeter wave radio systems, broadband wireless access systems, and direct broadcast satellite systems. Its products are also used in detection, measurement, and imaging applications, including military communication, targeting, guidance, and electronic countermeasure systems; commercial, scientific, and military spacecraft; automotive collision avoidance systems; medical imaging systems; and industrial test equipment.

Enough about stuff no one really understands. The stock is technically right to buy here. This is also a good company that makes quite a bit of cash. The stock is less volatile that the market in general given its Beta of .45. This stock has also been a favorite on the Investors Business Daily newspaper which ranks the top 100 stocks. The stock is down from its high of about $51/share because its last earnings report was a little less than Wall Street expected. Bottom line, I think the stock is worth the risk in the low 30's.