Cypress Semiconductor Stock Spikes On Report Of Possible Sale

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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.

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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.

Chip Sector Active For Mergers And Acquisitions

The semiconductor industry has seen a flurry of mergers and acquisitions lately.

Marvell Technology Group (MRVL) this month agreed to buy two chipmakers: Aquantia (AQ) and Avera Semiconductor.

On March 27, ON Semiconductor (ON) announced an agreement to buy Quantenna Communications (QTNA).

On March 11, Nvidia (NVDA) agreed to buy Mellanox Technologies (MLNX).

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor companies.

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The post Cypress Semiconductor Stock Spikes On Report Of Possible Sale appeared first on Investor's Business Daily.

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