Monday, September 25, 2006
Tower jumps 6%
The positive momentum at Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) is continuing. Today, the company announced the signing of a long-term foundry contract with International Rectifier Corporation (NYSE:IRF) for the sale of silicon wafers produced at Tower’s Fab 2 in Migdal Ha’Emek. The new contract comes one week after the company announced a follow-on contract with Atheros Communications Inc. (Nasdaq:ATHR). International Rectifier has $1.2 billion in annual sales and a market cap of $2.6 billion. Tower did not disclose the size of the contract, but the company’s share rose 4.8% in morning trading on the Tel Aviv Stock Exchange (TASE).
OK, now to calculate that stupid pipe network.