Cypress semiconductor reported second quarter 2008 earnings of $.14/share. While a positive earnings surprise, this missed 2007's second quarter results of $2.29/share by 94%.
Shares of Cypress rise when IRS indicates that a spinoff of SunPower stake may be tax free before the November 2009 date.
SimTek claims the $2.20 per share bid undervalues the company. Simtek shares fell slightly, closing @ $2.55.
AP reports CY contacted SimTek about the possibility of a merger.
Cypress announces revenue to be in the range of $410-$438 million. Wall Street expected revenues of $458 million.