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Chip Stocks, Duoyuan: After-Hours Trading


Updated for latest prices. Adds information on Expedia, Cubist Pharmaceuticals, Questcor Pharmaceuticals, and Meru Networks.

NEW YORK ( TheStreet) -- A mammoth acquisition deal in the semiconductor space sparked a rally in other chip companies in Monday's after-hours action.

Shortly after the closing bell, Texas Instruments (TXN) disclosed an agreement to acquire National Semiconductor (NSM) in an all-cash deal worth $6.5 billion, or $25 per share.

The consideration represents a premium of roughly 78% to the $14.07 closing price for National Semi's stock in the regular session. The shares haven't participated in the broad market's rally this past year, falling nearly 3%.

Monday's extended session was another matter entirely as the stock was last quoted at $24.30, up 73%, on volume of 8.4 million, according to Texas Instruments' shares slipped 1.6% to $33.58 on volume of around 1.2 million.

Texas Instruments plans to fund the deal with "a combination of existing cash balances and debt" and expects the transaction to close in the next six-to-nine months, assuming the receipt of regulatory and shareholder approval.

The news pushed up shares of Advanced Micro Devices (AMD), up 3.3% to $8.37 on volume of around 1 million; Analog Devices (ADI), gaining 4.4% to $40.20 on volume of less than 400,000; Cypress Semiconductor (CY), adding 3.2% to $19.57 on volume of around 90,000; Fairchild Semiconductor (FCS), rising 5% to $18.55 on volume of around 25,000; Intersil (ISIL), advancing 8% to $13.10 on volume of less than 50,000; On Semiconductor (ONNN), up 5.5% to $10.20 on volume of around 230,000; and Triquint Semiconductor (TQNT), surging 3.2% to $12.50 on volume of 180,000.

Another big mover in late trades was Duoyuan Global Water (DGW), which announced after the close that Chief Financial Officer Stephen Park plans to leave the company.

The news comes on the heels of a research report from short seller Muddy Waters accusing the company of fraud earlier on Monday.

The stock finished the regular session down 27% at $3.99, and was off another 7.5% to $3.69 in late trades. Volume was more than 8.6 million in regular trading vs. the issue's three-month daily trading average of around 416,000. More than 160,000 shares changed hands in the after-hours session.

Duoyuan Global said in its press release that Park is leaving the company to "pursue another professional opportunity" and that he plans to stay on board until either June 30 or the completion of a third-party review, whichever comes first.

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