NEW YORK, NY / ACCESSWIRE / May 9, 2017 / U.S. markets were relatively muted Monday, trading in the red for most of the day before a last minute surge to close in the green. The Dow Jones Industrial Average hit a low of 20,971.05 in intraday trading before settling at 21,012.28, up 0.03 percent, while the S&P 500 Index touched a low of 2,393.92 before settling to close at 2,399.38, flat for the day. As the earnings season is approaching its end, average earnings of the S&P 500 Index have increased by approximately 14.4 percent, according to Thomson Reuters I/B/E/S. Earnings for the June quarter are forecasted to increase by 8.6 percent.

RDI Initiates Coverage on:

Tower Semiconductor Ltd.
https://ub.rdinvesting.com/news/?ticker=TSEM

Qorvo Inc.
https://ub.rdinvesting.com/news/?ticker=QRVO

Tower Semiconductor's shares spiked 12.41 percent to close at $24.00 a share on Monday. The stock traded between $22.51 and $24.80 on volume of 3.85 million shares traded. The company reported revenues were $330 million for the first quarter of 2017, an increase of 19 percent when compared to the same quarter a year ago. Adjusted net profit was $50 million for the first quarter, an increase of 58 percent when compared to an adjusted net profit of $32 million for the first quarter of 2016. Revenues are expected to be $345 million for the second quarter of 2017, a year-over-year increase of 13 percent. Shares of Tower Semiconductor have gained approximately 26.12 percent year-to-date.

"During the quarter, we received higher than expected demand for high margin businesses such as RF SiGe optical infrastructure and CMOS Image Sensor business, specifically industrial applications. These orders, which will be shipped throughout the next quarters, further strengthen our belief for revenue and margin growth in the year, with our second quarter guidance reflecting the Company's highest revenue ever," commented CEO Mr. Russell Ellwanger.

Access RDI's Tower Semiconductor Research Report at:
https://ub.rdinvesting.com/news/?ticker=TSEM

Qorvo's shares declined 1.88 percent to close at $65.64 a share on Monday. The stock traded between $65.39 and $67.05 on volume of 1.59 million shares traded. The company reported adjusted revenues were $643.0 million for the fourth quarter of fiscal 2017, an increase of 5.7 percent year-over-year, but below average analysts' estimates of $632 million, according to analysts surveyed by FactSet. Qorvo expects revenues to be in the range of $610 million to $650 million for the first quarter of fiscal 2017, which fell short of analysts' expectations of $698.4 million. Shares of Qorvo have gained approximately 24.5 percent year-to-date.

"In the fourth quarter, Qorvo delivered revenue and margins above consensus and earnings at the high end of our guidance range. While our June quarter guidance reflects weaker than anticipated near-term demand in China, we see strong revenue growth, gross and operating margin expansion, and a doubling of free cash flow for fiscal year 2018," commented Mark Murphy, Chief Financial Officer of Qorvo.

Access RDI's Qorvo Research Report at:
https://ub.rdinvesting.com/news/?ticker=QRVO

Our Actionable Research on Tower Semiconductor Ltd. (NASDAQ: TSEM) and Qorvo Inc. (NASDAQ: QRVO) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com