Cypress Semiconductor Trading Higher Following Encouraging Update

Shares of Cypress Semiconductor Corporation CY were trading higher by 9 percent on Thursday after the company provided two separate business updates.

Cypress Semiconductor reiterated its fourth quarter outlook which was announced on October 22, 2015. The company expects to earn $0.11 to $0.15 per share on revenue of $430 to $460 million.

Cypress Semiconductor added in its business update that its Board of Directors plans on purchasing up to $450 million of its common stock.

The company also announced the addition of wafer products to its nonvolatile random access memory portfolio.

"Enabling wafer sales for our NVRAM portfolio allows us to address a wider range of customer needs," said Sonal Chandrasekharan, Senior Business Unit Director of the Nonvolatile Products Business Unit at Cypress. "Customers can now take advantage of the high performance of nvSRAM or energy efficiency of F-RAM in the exact form factor they require for a specific application."