Cirrus rose $1.94, or 7.1 percent, to $29.39 at 4 p.m. in New York, the highest since Jan. 24, 2001. The stock has surged 85 percent this year.
The shares gained on optimism Apple will proceed with a rumored television project and that Cirrus, which supplies chips for iPads, iPhones and iMacs, will get more orders, said Tore Svanberg, an analyst at Stifel Nicolaus & Co. in San Francisco.
“It’s pure speculation,” said Svanberg, who recommends buying Cirrus stock. “They are basically trading in line with whatever Apple is doing.”
Apple will provide Austin, Texas-based Cirrus with about 80 percent of its revenue in the second half of the year, he estimates. Apple currently accounts for about 53 percent of Cirrus sales, according to Bloomberg’s supply chain analysis.
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