close at $1.62 per share. At the same time, its volume jumped over the unusual 3 million shares traded. Having in mind that the average volume of TSEM totals about 980 shares, the progress happened just for a day and attracted the investors.Following the records, it appears that the stock has started to move higher as soon as Tower reported the closing of its definitive agreement with Lender Banks. According to the announcement, this move will reduce TSEM’s debt and improve its cash flows.[BANNER]
After the news was released, TSEM stock started to climb up on the market.
Tower Semiconductor Ltd. is an independent specialty foundry dedicated to the manufacture of semiconductors. Historical data shows that over the last weeks, the company has released a few positive announcements on its business, which reflected positively on its market position. Presently, the stock trading range is between 1.53 – 1.66, though in March this year TSEM used to trade higher.
Recently, the company reported its improved financial results and announced its “bullish optimism for the future”. According to the second quarter report for this year, Tower has increased its revenue by 107% as compared to the previous period, and the company has generated a gross profit of over 50%.
This year, TSEM managed to cover a portion of its debt, though it still has to cover the rest of it, while its operating loss got approximately 6 times higher.
Today, Tower reported that it was to present at the Annual Rodman & Renshaw Global Investment Conference on September 13, in New York. The company considers it as a good opportunity for meeting investors and is confident about its future earnings.
