Why Cirrus Logic (CRUS) Stock Is Gaining Today

NEW YORK (TheStreet) -- Cirrus Logic (CRUS) was gaining 6.9% to $20.56 follows Apple's (AAPL) quarterly results and in anticipation of its report.

Cirrus Logic produces chips for the iPhone and iPad mini for Apple. In its second-quarter results Apple said it sold 43.7 million iPhones in the quarter, which helped boost the chipmaker's stock. More than 80% of Cirrus Logic's revenue comes from Apple.

Cirrus Logic is scheduled to announce its quarterly results after the bell Thursday.

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TheStreet Ratings team rates CIRRUS LOGIC INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate CIRRUS LOGIC INC (CRUS) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself."

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