Tech Stocks Slippage Came Late While Tower Semiconductor Shares Surge

A slip of about 0.1% has been exhibited by technology stocks, particularly in S&P 500-registered technology companies.

Tower Semiconductor (TSEM) shares were declared to be higher during the latter part of Thursday trade, particularly impacted by Panasonic Corp. merger with the chipmaker.

A new cutting-edge camera for smartphones will be the benefactor of the merger segments. Himax Technologies unit will take over the development. Financial specifics about the venture are not disclosed by the company. Nonetheless, Reuters was told by an Israel-based source that the merger will provide an estimated $20 million returns per annum.

Recently, an up by 2.5% was exhibited by TSEM shares ($11.30 a share). The shares also surged at $11.50 per share. Its 52-week stock trading period fell within a low of $3.85 and a high of $11.78 a share. For the past year, the stocks trading rose more than 156%.

Sector news, on the other hand, declared Michigan State Police ordering for beyond $1.1 million worth new equipment registered to be delivered before third quarter’s closing. A total of $6.5 million has been obtained due to the state patrol’s extension of agreement at $2 million.

GOMO reported an earnings per share (EPS) of $0.09 after the second quarter. It falls short of Street estimate by $0.05. Its returns register of $16.1 million did not match analysts’ approximation by $600,000.

Lastly, a price target of $22 at Oppenheimer has followed exit of CFO Winston Li.

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About June Harris

June was born and raised in Ligonier, a small historic town in Pennsylvania. She befriended TV cameras at an early age when she was selected to feature in a local TV series for children. Her passion for entertainment grew bigger after June was named Miss Pennsylvania at 16 years old. She was co-opted in various projects ever since and is now a strong promoter of fitness and health activities.