- Cirrus (CRUS +6.2%), which has a long history of moving in the same direction as Apple (only with bigger gains/losses), rallied strongly on a day when Apple posted a 2.1% gain (bringing shares back near $500).
- Today, long-time Apple bull Brian White launched coverage on his favorite company with a Buy and $777 PT at new employer Cantor Fitzgerald, and Apple announced its U.S. Sep. 10 iPhone launch event will be followed by "satellite events" in Beijing, Tokyo, and Berlin. The Beijing event has further stoked China Mobile deal speculation.
- After badly underperforming the Nasdaq during much of 2013, Cirrus has risen 16% from its Aug. 27 close. Last week's gains were partly due to Avago's numbers.
- Today, SA contributor Matthew Frankel estimated an Apple/China Mobile deal could allow Cirrus to produce FY15 (ends March '15) EPS of $2.61. Cirrus' FY15 EPS consensus is currently at $1.79, below an FY14 consensus of $2.36 and far below FY13 EPS of $3.25.
Cirrus Logic continues rally ahead of new iPhone launches
Sep 4 2013, 17:13 ET