Why Tower Semiconductor Stock Is Climbing Today
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.
Source Fool.com
