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.
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