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Despite the move to the upside on the announcement, Skyworks Solutions Inc (NASDAQ:SWKS) will likely continue to rally into earnings next week, Guy Adami said Thursday on CNBC's "Fast Money."
The stock is close to taking out its all-time high of $195.82.
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What Happened: Skyworks announced a $2.75-billion deal on Thursday to acquire the infrastructure and automotive business of Silicon Laboratories Inc (NASDAQ:SLAB).
The company is likely "feeling pretty good about things" in order to make a deal of this magnitude, Adami said. He added that Skyworks is not overly expensive on a valuation basis.
Skyworks is set to report second-quarter earnings on April 29.
Price Action: Skyworks was up 4.6% to $192 in after-hours trading. Silicon Labs was up 14% at $165.
Image by Dmitrii Bardadim from Pixabay
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.