Ramtron (Nasdaq: RMTR) turns down Cypress Semi offer

Orlando, FL 6/18/12 (StreetBeat) – Chipmaker Ramtron International Corp (Nasdaq:RMTR) turned down rival Cypress Semiconductor Corp's (Nasdaq:CY) offer to buy the company for about $87.6 million, and said it would explore other options including a sale.

Cypress's $2.48 per share offer does not reflect the intrinsic value of the company and is not in the best interest of stockholders, Ramtron said in a statement.

Cypress offered to buy Ramtron last week, reviving a previously undisclosed bid it made last year.

"The board intends to consider the full range of available options including, but not limited to, the potential sale of the company or continuing with the company's current growth plans," Ramtron said.

Cypress has been invited to participate in the process, Ramtron said.

Ramtron shares closed at $2.43 on Friday on the Nasdaq.

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Market Movers: HGSI +110% Rejects Offer from GSK; MLNX +30%

Tomahawk, WI 4/19/2012 (StreetBeat) -- Human Genome Sciences (HGSI) shares soared 110% to $14.36 on news that GlaxoSmithKline PLC (GSK) has offered $13 a share for the biotech group. Human Genome said that the bid is too low and that it has hired Goldman Sachs and Credit Suisse to help it evaluate other options, which could include a sale. Human Genome added that it has invited development partner Glaxo to participate in the process.

Mellanox Technologies (MLNX) shares shot up 25% to $54.20, after the tech company reported better-than-expected first-quarter earnings late Wednesday. The stock won buy recommendations from analysts at Mizuho and Wunderlich Securities.

Gilead Sciences (GILD) shares rallied 16% to $54.18. Gilead released promising clinical data for its hepatitis C drug candidate GS-7977, which it acquired through its recent $11 billion takeover of Pharmasset.

Cypress Semiconductor (CY) shares jumped 9% to $15.53 after it released first-quarter financial results before Thursday’s bell.

Qualcomm Inc. (QCOM) shares dropped nearly 6% to $63.30, making it the worst performer on the S&P 500 Thursday morning. The chipmaker released its quarterly earnings report late Wednesday.

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Cypress Semi (Nasdaq: CY) jumps 21% to $17.35 following Q1 beat, dividend raise

Shawshank, VA 4/19/12 (StreetBeat) -- Cypress Semiconductor Corp.'s (NASDAQ:CY) stock was up more than 10 percent in pre-market trading, after its adjusted earnings exceeded analyst expectations. The company also offered a positive outlook.

Its stock opened up more than 12 percent, trading around $16 per share.

"We have the strongest product portfolio in our history, with numerous new revenue drivers across multiple product lines," CEO T.J. Rodgers said in a prepared statement. "We have not only a growing backlog, but a strong design pipeline, which combined with strong operating leverage from increasing revenue will allow us to drive earnings and cash flow."

The San Jose-based company reported a first quarter net loss of $12.4 million, or 8 cents per share, compared to a profit of $55.4 million, or 28 cents a share, in the same period last year.

The company's revenue was $185.1 million, or a decrease of 21 percent.

Excluding options, its net income declined to 12 cents a share from 24 cents in the same period last year.

Analysts were expecting, on average, earnings of 10 cents per share, on revenue of $185.24 million.

Looking forward, the company said it expects to have significant revenue growth in the second quarter and beyond due to its backlog.

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