Tower Semiconductor Reaches January 2011 Levels After Q4 Beat

Tower Semiconductor Ltd. (USA) TSEM shares are trading higher by $0.64 (2.6 percent) at $22.71 in Monday's session.

The catalyst for the rally is a Q4 EPS beat of $0.04 along with a slight revenue beat. This markets the sixth time in the last seven quarters has beat Street estimates for EPS. It has beat for revenues in all of those quarters.

After a higher open, it continued in that direction until it peaked at $23.00 and backed off. That high coincides with its January 2011 high of $23.10. Since making that high, it has drifted lower, with the current low standing at $22.61.