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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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
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