Tech Winners & Losers: Cypress Semiconductor

Tech stocks moved up slightly on Friday, with Cypress Semiconductor (CY Quote) soaring 13% after announcing a buyback and Vishay Intertechnology(VSH Quote) tumbling 12% on news of an unsolicited bid to acquire International Rectifier(IRF Quote).

Shares of Cypress were up $3.48 to $30.64 after it revealed plans to make a tender offer to purchase up to $600 million of its convertible bonds due September 15, 2009.

The company also got a boost after SunPower(SPWR Quote), of which Cypress is a majority owner, sealed a deal with Pacific Gas & Electric(PSG Quote) to sell electricity from a pair of yet-to-be-built photovoltaic power plants.

Shares of SunPower were up 17.5%, or $13.74, to $92.31.

Semiconductor manufacturer Vishay saw its shares sink $1.18 to $9 after it made an unsolicited bid on Friday to acquire International Rectifier for $1.6 billion. The offer represents a 13% premium over the $18.82 closing price of International Rectifier on Thursday.

Shares of International Rectifier were up 17%, or $13.27, to $22.09.

Meanwhile, Autodesk's(ADSK Quote) stock was climbing 12% to $38.50 after the company handily beat Wall Street estimates for its second-quarter results.

The software company's second-quarter revenue was up 17.8%. Although its profit fell 2% from a year ago, it managed to top estimates by analysts, excluding special items.

Shares of telecom software provider Comverse Technology(CMVT Quote) were down 17% to $13.98 after it revealed in an SEC filing that business was slowing, in part due to delayed purchasing decisions and headwinds in foreign currency exchange.

JP Morgan downgraded Comverse to "Neutral" from "Overweight" in response to the company's announcement that its financial restatement will once more be delayed.