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Pete Najarian’s Bullish Bet On Cypress Semiconductor Corporation (CY)

Cypress Semiconductor Corporation (NASDAQ:CY) has recently announced it merger with another semiconductor company, Spansion Inc. (NYSE:CODE). This merger announcement has pushed the Cypress Semiconductor Corporation (NASDAQ:CY)’s stock price up by around 20% and post this announcement on Dec 1, this stock grew consistently and has achieved a growth of more than 30% in the last couple of weeks. Pete Najarian talked on CNBC about this take on this stock.

Intel Microprocessors

Najarian mentioned that Cypress Semiconductor Corporation (NASDAQ:CY) has gone through a fancy merger very recently. He added that this stock price was up from around $10 to around $13. He said that Cypress Semiconductor Corporation (NASDAQ:CY) has hit an 52 week high on Friday and traded at few cents below $14.

“[…] You look at the January $14 calls, 26000 of these traded today and a very big chunk, couple of chunks, 45 cents and by the end of the day over 35000 trade. Huge calls versus puts trading in this stock. I think that this stock is ready to actually move up and through that $14 level, based upon the paper we are seeing today,” Najarian said.

He added that this is another huge example of stocks doing well and not the entire market getting sold off. He feels that some areas of the market are still performing even on a really tough situation around.

The merger with Spansion Inc. (NYSE:CODE) has done a lot of good for Cypress Semiconductor Corporation (NASDAQ:CY). The combined company would be a $2 billion company and will become global leader in microcontrollers.

Disclosure: None

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