Breaking News

Tweet TWEET

Tower Gains Most in Week on Report Chipmaker in Talks for Order

Tower Semiconductor Ltd. (TSEM) advanced the most in more than a week after Globes reported the maker of customized chips is in talks with a foreign client for a multi- million dollar order.

The shares of the Migdal Haemek, Israel-based company climbed 7.7 percent, the biggest intraday gain since Aug. 8, to 31.89 shekels at 2:55 p.m. in Tel Aviv.

A Tower official who couldn’t be identified because of company policy declined to comment when contacted by Bloomberg. Globes didn’t say where it got the information.

Tower shares have fallen 23 percent since the company reported on Aug. 9 a loss in the second quarter and said this quarter’s sales will fall short of analysts’ estimates.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.