Market Update

Shares of Taiwan Semiconductor Manufacturing Co Ltd TSM rose about 1.4% after the company reported a decline in sales in December. TSMC reported a 9.4% y/y drop in unconsolidated sales. Its unconsolidated sales dropped to T$30.57 billion ($1.01 billion), from T$33.75 billion, in the year-ago period and down 13.2% versus T$35.22 billion in the prior month. TSMC's consolidated sales in the month declined 10.4% y/y to T$31.24 billion. However, sales gained 1.8% to $427.08 billion in the full year of 2011. Shares of Gilat Satellite Networks Ltd GILT gained about 1.2% after the company named Yaniv Reinhold as Chief Financial Officer and Ari Krashin as Executive Vice President of Finance, effective 1 March, 2012. Shares of Cirrus Logic Inc CRUS surged about 14.9% after the company raised its revenue forecast for the third quarter. Cirrus Logic now projects revenue of around $122 million, up from its earlier forecast range of $102 million and $108 million. Shares of Talisman Energy Inc TLM gained about 3.8% after the company announced its plans to lower its 2012 capital spending by over $500 million. Talisman Energy projects to spend marginally over $4 billion in 2012, a decline of around $500 million versus last year. Talisman Energy's production from ongoing operations surged 9% to average around 425,000 barrels of oil equivalent per day in 2011.Talisman Energy projects production to rise by 5% in 2012.