Cypress higher after providing guidance; Synaptics up strongly

|About: Cypress Semiconductor Corpo... (CY)|By:, SA News Editor

Cypress (CY +1.2%) guided on its Q1 CC for Q2 revenue of $181M-$186M ($183.5M midpoint) and EPS of $0.11-$0.13 vs. a consensus of $182.8M and $0.12.

Shares are posting moderate gains after initially trading lower following the chipmaker's Q1 results, which featured in-line EPS and a small revenue beat.

A slightly soft gross margin (50.3%, -70 bps Q/Q and -40 bps Y/Y) pressured EPS. On the other hand, quarter-ending book-to-bill was a healthy 1.08.

Touch controller rival Synaptics (SYNA +5.4%) is posting big gains on what's proving a good day for chip stocks (SOXX +2.2%).