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Cypress Semiconductor (CY +12.2%) is taking off following its Q1 beat, which was accompanied by...

Cypress Semiconductor (CY +12.2%) is taking off following its Q1 beat, which was accompanied by a 1.33 book/bill and provides more evidence of a chip industry recovery, and is also giving a boost to rival touchscreen controller vendor Atmel (ATML +2.6%). During its earnings call, Cypress guided for Q2 revenue of $200M-$207M and EPS of $0.17-$0.20; the former is in-line, but the latter is above a consensus of $0.16.
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