Skyworks Surges 28% as Qorvo Merger Nears Completion
SWKS sits 74% above its 52-week low of $51.93.
Summary
Skyworks shares are up 28% over the past five days, putting the stock on track to be the S&P 500's best weekly performer. The surge follows the FTC clearing the $8.6 billion Qorvo acquisition in early August and China's SAMR review advancing to Phase III, which investors read as a sign the deal will close this year. CEO Phil Brace reinforced the optimism at Goldman Sachs' Communacopia conference, highlighting merger synergies and an 'AI edge' while flagging near-term cost pressures. The stock is trading near its 52-week high of $92.30, reflecting strong conviction in the merger's completion. Qorvo shareholders are also benefiting from the deal momentum, with the combined company expected to create a major RF semiconductor player.
Updates
· Seeking Alpha — CEO Philip Brace expects the deal to close by end of calendar year, with only China's SAMR approval remaining. He outlined $500M in expected synergies and combined revenue of roughly $5.5B mobile and $2.5-2.6B nonmobile.
At the time of this announcement, SWKS was trading at $90.23 on NASDAQ in the Technology sector, with a market capitalization of approximately $13.6B. The 52-week trading range was $51.93 to $92.30. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Benzinga.