Why Tower Semiconductor Stock Exploded Higher Tuesday
Shares of Tower Semiconductor (NASDAQ: TSEM) charged sharply higher on Tuesday, surging as much as 43.3%. As of 10:39 a.m. ET, the stock was still up 41.9%.
The catalyst that sent the semiconductor foundry surging was an announcement that the company will be acquired by a tech titan.
Intel (NASDAQ: INTC) announced on Tuesday that it had reached a definitive agreement to acquire Tower Semiconductor in an all-cash deal valued at $5.4 billion. The combination will create "a globally diverse end-to-end foundry to help meet growing semiconductor demand."
Source Fool.com