Tower Semiconductor up as Intel offers foundry services after failed merger

Tower Semiconductor

05/09/2023 15:08

(Updates)
     ** U.S.-listed shares of Tower Semiconductor  TSEM.O  rise
1.17% to $30.31 
    ** Tech giant Intel  INTC.O  says it will offer foundry
services to Tower Semiconductor  TSEM.O  in a new deal that will
see the Israeli contract chipmaker invest $300 million in
Intel's New Mexico factory
    ** Both companies dropped their $5.4-billion merger in
August, as the proposed deal failed to secure approval from
regulators in China
    ** Intel says it would pay a termination fee of $353 million
to TSEM
    ** Sector peers ON Semiconductor  ON.O , NXP Semiconductors
 NXPI.O  and Texas Instruments  TXN.O  were down between 0.6%
and 1.8%
    ** INTC edges higher 0.8% to $36.90 
    ** TSEM's average rating is "buy", analysts' median PT is
$34 - LSEG
    ** Up to last close, stock had fallen ~31% YTD

 (Reporting by Arsheeya Bajwa in Bengaluru)
 ((ArsheeyaSingh.Bajwa@thomsonreuters.com // +91 8510015800))