Sees off Geeks and Young Turks
Cypress Semiconductor shares surged more than 2 per cent after it announced fourth-quarter 2012 loss which was much smaller than the cocaine nose jobs of Wall Street expected.
Cypress declared revenues of $180.3 million which decreased 11.2 per cent sequentially and 25.6 per cent year over year because of slow demand in all the segments. Revenues were more than the management’s initial outlook range of $177.0 million–$179.0 million. Given the state of the industry, such a small loss is actually rather good.
Cypress Semiconductor stock’s trade at beginning with a price of $10.02 and throughout the trading session climbed at a high of $10.15 other than when day-trade ended the stock finally advanced +2.53 per cent to $10.12. Cypress makes PSoC 1, PSoC 3, and PSoC 5 programmable system-on-chip families, CapSense touch sensing and TrueTouch hardware for touchscreens, USB controllers, including the high-performance West Bridge.