Cypress has announced a proposed $250 million convertible note offering.
The stock market divergence between CY and IDTI continues today. IDTI, a few moments ago, was at $60 13/16, up 2 13/16, and that price represents record high trading levels. Cy, on the other hand, was $48 5/16, down 2 11/16, well below it $58 trading high range. CY's trading volume was 3,260,000. CY's poor trading activity today might be linked to the note offering and/or some big institution(s) are in some type of hurry to reduce their holdings.
In any event, IDTI continues to perform better than CY, in so far as the stock market is concerned. Overall, CY's inability to move back to the $58 level is not very comforting. |
