Cypress jumps on earnings news

Shares of chipmaker Cypress Semiconductor move slightly higher after the company posts earnings that beat Wall Street estimates.

Shares of chipmaker Cypress Semiconductor moved slightly higher today after the company posted earnings that beat Wall Street estimates.

Cypress stock rose less than three-quarters of a percent to 8.94 and has traded as high as 15.63 and as low as 5.5 during the past 52 weeks.

The company reported revenues of $126 million for the third quarter, a decline of 13.8 percent from the year-ago quarter's revenues of $146.1 million.

Still, Cypress managed to beat the consensus of Wall Street analysts, who expected the company to lose 2 cents per share, according to First Call. Instead, Cypress posted earnings of 1 cent per diluted share compared to 8 cents during the year-ago quarter. Earnings in the third quarter included a tax benefit of $3 million primarily resulting from a change in an estimate for additional research and development credits.

"Though difficulties continue to impact the industry, the restructuring activities initiated earlier in the year continue to improve our cost structure," Cypress chief executive T.J. Rodgers said in a statement. "We have changed Cypress to be able to make money during the bottom of this period of worldwide semiconductor oversupply."

Cypress added that several new products helped generate increased revenues for the quarter. These products include the Ultra37000 CPLDs, a new family of programmable logic devices, and a group of 12 high-speed synchronous SRAMs aimed at the networking and digital signal processing markets.