Apple Supplier Qorvo's Shares Surge 11% Pre-Market On Tuesday — What's Going On?
Shares of Qorvo surged 11% in pre-market trading after reports of potential acquisition talks by rival Skyworks Solutions. Qorvo's market cap is over $8 billion, while Skyworks stands at about $11 billion. Qorvo has seen a 32% increase in stock this year, contrasting with Skyworks' 14.26% decline. Qorvo's strong momentum score of 63.59 indicates positive trends, while Skyworks shows weak momentum and growth scores. Qorvo's shares were trading at $102.35, while Skyworks was down to $74.12.
Shares of Apple supplier Qorvo (NASDAQ:QRVO) surged 11% in pre-market trade on Tuesday, after a report said rival Skyworks Solutions (NASDAQ:SWKS) held talks in recent months to buy the company.
Qorvo’s $8 Billion Market Cap
Skyworks, which supplies radio frequency chips to Apple (NASDAQ:AAPL) and other smartphone makers, has a market cap of about $11 billion, while Qorvo’s market cap stands at over $8 billion, as per Benzinga Pro data.
The deal was first reported by The Information and picked up by other media outlets.
Qorvo, which also counts on Apple for an outsized amount of revenue, appointed chipmaking industry veterans Richard Clemmer and Christopher Koopmans as independent directors to its board in April, amid activist investor Starboard Value’s push to boost the company’s weak share price.
Price Action
Qorvo’s shares were trading up at $102.35 at last check, while Skyworks was down 2.27% to $74.12.
So far this year, Skyworks’ stock has dropped 14.26%, while Qorvo is up 32%.
Benzinga’s Edge Rankings highlight a strong momentum score of 63.59 for Qorvo, with moderate value, growth, and quality scores, while the price trend shows positive movement across short, medium, and long-term periods.
However, Skyworks’ stock shows weak momentum, growth, and quality scores — all below 30 — but a moderately strong value score of 57.24, with positive short, medium, and long-term price trends.
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