Market Overview

Here's Why Shares Of Silicom Surged 5%


Shares of Silicom Ltd. (NASDAQ: SILC), an Israel-based manufacturer of networking and data infrastructure solutions for servers, were trading higher by more than 5 percent on Wednesday.

Ben Axler of Spruce Point Management, a New York-based investment manager, Tweeted earlier in the day that the fund has taken a long position in Silicom.

Axler's Tweet cited Silicom's "cheap" valuation, double-digit growth and "record" results.

In a second Tweet, Axler cited Silicom's "strong" balance sheet and $7 per share in cash that provides downside protection. He also noted a "shareholder friendly" 3 percent dividend yield and growth potential.


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