TSEM - Why Tower Semiconductor Stock Is Climbing Today
2023-07-26 14:16:03 ET
Shares of Tower Semiconductor (NASDAQ: TSEM) are gaining in Wednesday's trading. The company's stock was up 6.5% as of 1:45 p.m. ET today.
Tower Semiconductor, which is on track to be sold to Intel , published results for its second quarter before the market opened today, delivering sales and earnings that beat Wall Street's targets. The stock is also getting a boost from news that China's antitrust regulator has approved a merger between two other companies in the semiconductor space.
Tower recorded earnings per share (EPS) of $0.46 on revenue of $357 million, topping the average analyst estimate's call for EPS of $0.43 on sales of $354.53 million, according to a poll by Refinitiv. Revenue was roughly flat on a sequential quarterly basis, but it was down roughly 16% year over year. Meanwhile, EPS was down 13% year over year.
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Why Tower Semiconductor Stock Is Climbing Today