Intel's Acquisition Target Tower Semiconductor Stock Is Trading Higher Wednesday - Here's Why
Portfolio Pulse from Anusuya Lahiri
Tower Semiconductor Ltd (TSEM) reported a Q2 FY23 revenue decline of 16.2% YoY to $357.2 million, beating consensus estimates. Gross profit and operating profit also declined. The company, which is set to be acquired by Intel Corp (INTC), saw its shares rise by 11.70% in premarket trading.
July 26, 2023 | 12:43 pm
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NEUTRAL IMPACT
Intel Corp is set to acquire Tower Semiconductor, which recently reported Q2 FY23 results that beat estimates.
Intel Corp's acquisition target, Tower Semiconductor, reported better-than-expected Q2 FY23 results. However, the impact on Intel's stock is uncertain.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Tower Semiconductor's Q2 FY23 results beat estimates despite a revenue decline. Its shares rose in premarket trading.
Despite a YoY revenue decline, Tower Semiconductor's Q2 FY23 results beat consensus estimates, which likely contributed to the rise in its share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100