Tower Semiconductor Ltd. (TSEM) shares jumped 19.07 percent to $262.94, up $42.11 on Wednesday, after the company reported significantly higher first-quarter earnings and revenue.
The stock is currently trading at $262.94, compared with a previous close of $220.83 on the Nasdaq. It opened at $253.10 and traded between $252.70 and $267.42 during the session, with volume reaching 1.60 million shares, compared with an average daily volume of 2.79 million shares.
The semiconductor foundry company posted net income of $65.03 million, or $0.57 per share, compared with $40.14 million, or $0.35 per share, in the same quarter last year. Adjusted earnings rose to $74.47 million, or $0.65 per share. Revenue increased 15.5 percent to $413.63 million from $358.17 million a year earlier.
Tower Semiconductor shares have traded between $37.48 and $267.42 over the past 52 weeks.
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