Skip to main content

Shares of

Cypress Semiconductor

(CY) - Get Cypress Semiconductor Corporation Report

slid 12% after the chipmaker dropped plans to sell itself.

TheStreet Recommends

The company said its board terminated its process of evaluating a possible buyout of the company and determined that continuing with its standalone strategy at this time is in the best interests of its stockholders. Cypress will continue to explore ways in which to allow its stockholders to fully realize the value of Cypress and its investment in SunPower, the company added.

Also, the company earned $10.7 million, or 6 cents a share, in the third quarter, compared with a loss of $5.9 million, or 4 cents a share, a year ago. Adjusted for charges, the company earned $27.6 million, or 16 cents a share. Analysts polled by Thomson First Call were expecting earnings of 15 cents a share in the most recent quarter.

Third-quarter revenue rose 27.8% from a year ago to $290.2 million. Analysts were expecting revenue of $280.1 million.

Shares were down $2.28 to $16.69.

This story was created through a joint venture between TheStreet.com and IRIS.