Movement Alert｜Qorvo Rises 5.1% in Regular Trading, HSR Antitrust Waiting Period Expires Clearing Key Merger Hurdle

Market Focus08-05 00:58

On August 5, Qorvo rose 5.1% in regular trading, trading at $94.04/share, with turnover of $53.46 million.

On the news front, Skyworks Solutions announced on August 3 that the Hart-Scott-Rodino antitrust waiting period for its acquisition of Qorvo has officially expired, meaning the Federal Trade Commission review obstacle has been cleared and the merger is moving toward final completion. The two companies had previously received a second request for additional information from the FTC in February, which extended the review timeline.

Fundamentally, Qorvo reported strong Q1 results with adjusted EPS of $1.64, beating the consensus estimate of $1.10 by 49%, while revenue of $784.8 million also exceeded the $743.3 million estimate. For the full fiscal year, management now expects non-GAAP diluted EPS above $7.00, ahead of the $6.85 analyst consensus. RBC Capital Markets has noted the pending acquisition is viewed favorably given expected cost synergies, while UBS recently raised its price target to $96 from $91.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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