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Cypress Soars on Solar Power Deal
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Shares of Cypress Semiconductor(CY Quote) soared on Friday, spurred by the company's announcement to buyback a large chunk of its convertible debt and by a blockbuster deal by Cypress's majority-owned solar power subsidiary.
On Thursday, Pacific Gas & Electric(PCG Quote) announced it had signed contracts to buy electricity from a pair of yet-to-be-built photovoltaic power plants, which would reportedly represent the largest such commercial installation of photovoltaic technology.
PG&E signed the deal with subsidiaries of Optisolar, a private firm, and with SunPower(SPWR Quote), a former unit of Cypress Semiconductor. ...
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