A Wacky Debut for Cypress Semi Stock

Benjamin says he is unsure where the $3.10 starting price comes from, but notes that the value of the standalone Cypress chip business has been the subject of much arbitrage since the spinoff plans were announced more than a year ago.

Odder still, a special Cypress ticker symbol issued ahead of the spinoff and designed to prepare the market for the new stock value, closed Monday at $6.50.

In the end, however, Benjamin says, what matters to investors is the current valuation of the post-spinoff stock at $5.10 and more importantly, what the percentage moves will be from this point on.