Tower Gains Most in 4 Months on Second-Quarter Sales Outlook
Stock Chart for Tower Semiconductor Ltd (TSEM)
Tower Semiconductor Ltd. (TSEM) climbed the most in four months after the maker of customized chips forecast second-quarter revenue will probably exceed analysts’ estimates.
The shares jumped 7.4 percent, the most since Feb. 13, to 3.77 shekels at the 4:30 p.m. close in Tel Aviv. The stock has declined 24 percent this year, giving the Migdal Haemek, Israel- based company a market value of 1.2 billion shekels ($351 million).
Revenue will range from $136 million to $142 million in the second quarter, Tower said today in a Business Wire statement. The average estimate of two analysts surveyed by Bloomberg was for sales of $130.5 million.
To contact the editor responsible for this story: Claudia Maedler at email@example.com.
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.