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What: Shares of electronics design and manufacturing specialist Flextronics International (Nasdaq: FLEX) flexed their silicon muscles today, jumping as much as 11.1% overnight on several times their average trading volume.

So what: The company just reported second-quarter adjusted earnings of $0.22 per share on $8 billion in sales, beating analyst projections on the revenue line by about $300 million. Next-quarter sales guidance came in a bit light, which has toppled many a technologist, but all is forgiven thanks to an optimistic margins picture.

Now what: You may have heard that the PC industry is dying based on reports and business plans from Dell (Nasdaq: DELL) and Hewlett-Packard (NYSE: HPQ), and Flextronics would agree: Much of the positive margin guidance springs from the company moving away from building white-box PC systems. Management also underscored their commitment to buying back shares on the open market, and rival Jabil Circuit (NYSE: JBL) just added another $100 million to its own buyback program -- it's kind of the theme of the manufacturing industry today. Both Flextronics and Jabil are coming back strong from a difficult summer, where both stocks fell 30% or more from New Year's levels.

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