Chipmaker Cirrus Logic (CRUS) - Get Report was up 0.6% in late afternoon after saying it will cut 120 jobs, or about 9% of its workforce, for an expected cost-savings of $10 to $12 million annually.

The cuts are part of an effort announced in early May to refocus solely on products for consumer-entertainment electronics.

The stock rose out of the red to a high of $22.53 immediately after the early afternoon announcement.