Bloomberg News

Tower Rises to Six-Month High Ahead of Results Announcement

February 15, 2012

Feb. 15 (Bloomberg) -- Tower Semiconductor Ltd. surged to the highest level in more than six months on speculation the company will report higher revenue tomorrow.

The shares surged 5.8 percent to 3.38 shekels, the highest since Aug. 4, at the 4:30 p.m. close in Tel Aviv.

“There are estimates that the revenue and the guidance the company will give tomorrow will be good,” Eran Jacoby, an analyst at DS Securities and Investments in Tel Aviv said.

In July, Chief Executive Officer Russell Ellwanger said he expects the acquisition of a Japanese factory to help the company attain a quarterly sales target of $250 million in 2014. The purchase of the facility, located in Nishiwaki City, may boost revenue in the Asia Pacific region, where Tower gets about 9 percent of sales, Ellwanger said.

--Editors: Shaji Mathew, Inal Ersan

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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