Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Cirrus Gains on Speculation of Apple TV Orders: Dallas Mover

May 29 (Bloomberg) -- Cirrus Logic Inc., a maker of signal processing chips, climbed to an 11-year high on speculation it will win more orders from its largest customer, Apple Inc.

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.

To contact the reporter on this story: Ian King in San Francisco at ianking@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.