Cypress Semiconductor Stock Spikes On Report Of Possible Sale
Shares of Cypress Semiconductor (CY) surged Wednesday on a report that the chipmaker might be a takeover target. Cypress stock jumped as much as 14.6% on the news.X
In late morning trading on the stock market today, Cypress stock rose 10.8%, near 17.05. It is trading below its 52-week high of 18.59, reached last July.
Bloomberg reported Wednesday that the company is considering a sale after receiving takeover interest. Cypress Semiconductor has a current market value of about $6.3 billion.
The San Jose, Calif.-based company makes microcontrollers, as well as wireless and USB-based connectivity products. It also makes analog integrated circuits and other chips. Its embedded systems are used in automotive, industrial, smart home appliances, consumer electronics and medical products.
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