On August 4, Tower Semiconductor fell 5.68% in regular trading, trading at $221.905/share, with turnover of $300 million. The stock had surged over 7% in pre-market trading to approximately $247 following the release of Q2 earnings, but reversed sharply after the opening bell.
The company reported Q2 adjusted EPS of $0.88, significantly beating the consensus estimate of $0.76. Revenue came in at $460.08 million versus the $454.68 million estimate. Q3 revenue guidance of approximately $520 million far exceeded the FactSet consensus of $490 million. Despite the strong results, the stock experienced pronounced profit-taking as it had already rallied from a low near $192 to $223 in recent weeks, and the pre-market gap-up extended cumulative gains substantially.
Wedbush had previously predicted a beat-and-raise quarter, citing silicon photonics capacity qualified in Q1 contributing more fully in Q2 and management's historically conservative guidance approach.
(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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