Frequency Electronics shares rose 30.7% to $81.13 on Friday after the New York-based defense and space technology company reported first-quarter fiscal 2027 results. Earnings per share reached $0.41, exceeding the $0.15 analyst estimate by 173.3%, while revenue of $23.45 million beat the $17.85 million forecast by 31.4%. Operating income increased to $5.2 million from $0.4 million a year earlier. CEO Tom McClelland said quarterly revenue was an all-time record for FEI, up 70% from a year earlier and 52% sequentially, and expressed increasing confidence in meeting or exceeding the previously stated target of at least $150 million in annual revenue by fiscal 2029. Funded backlog rose to a record $129 million from $111 million in the prior quarter, while the company added approximately $73 million in cash. The broader U.S. stock market also advanced, with the Dow Jones Industrial Average gaining around 400 points. Other notable gainers included ACV Auctions, which rose 44.3% after Copart agreed to acquire it for $10.50 per share in cash, and Dell Technologies, which gained 11.3% after RBC Capital initiated coverage with an Outperform rating and a $640 price target.