Cirrus Logic's stock surges to record high after upbeat Apple iPhone preorder data
Cirrus Logic Inc.'s stock soared 5.8% in morning trade to a record high, amid signs of stronger-than-expected demand for it's largest customer's--Apple Inc.--new smartphone. The stock has run up 12% in four sessions, in line with the rally in Apple shares over the same time. Cirrus said in its fiscal first-quarter filing with the Securities and Exchange Commission that Apple represented 68% of its total sales for the quarter. Cirrus's stock has soared 83% year to date, while Apple shares have climbed 9.3%, the SPDR Technology Select Sector ETF has rallied 10% and the S&P 500 has gained 4.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.