Apple Inc. (NASDAQ:AAPL) is not the only company benefiting from the hefty sale numbers that the new iPhones are posting. Cirrus Logic, Inc. (NASDAQ:CRUS), supplies the smartphones with an essential component, at least as far as sound is concerned is also basking in Apple’s success.
In a segment on Bloomberg, Trish Regan and Matt Miller reported on the top ten stocks for the day and Cirrus fared number two on the list. Thanks to the increasing success of Apple Inc. (NASDAQ:AAPL)’s star gadget.
“Number 2 is Cirrus Logic, Inc. (NASDAQ:CRUS). Shares are having their best day in more than two years after Barclays upgraded the stock two notches to ‘Overweight’ from ‘Underweight’. Barclays said Cirus, which develops audio components for smart phones could make significantly more money from iPhones sold next year,” informed Miller.
Cirrus is not just limited to Apple Inc. (NASDAQ:AAPL), although the reason for the upgrade might have the investors believing that. The company develops analog and mixed signal integrated circuits (IC) for not just audio applications, but also targeted industrial applications including energy control and measurement. Cirrus Logic, Inc. (NASDAQ:CRUS) has a broad market just like Apple Inc. (NASDAQ:AAPL) which stretches from U.S and Europe to Asia.
Cirrus was significantly up today. The stock gained 21.87% and was trading at $22.96, when the closing bell rang. The stock saw a significant rise in volume which totaled 13.2 million shares, while the average volume for the stock is about 1.5 million shares.
Apple Inc. (NASDAQ:AAPL) on the other hand dipped by 1.37%. It is the fourth consecutive trading day loss for the stock, primarily owing to weakness in the overall market.
According to the latest 13F filings, Carl Icahn of Icahn Capital and D:E Shaw are the two most significant shareholders of the Apple stock. Icahn owns nearly $5.3 billion worth of Apple stoc