Tower Semiconductor rises as strong forecast signals record growth phase

What happened: Tower Semiconductor (TSEM) shares rose 5% after the chipmaker reported better-than-expected third-quarter earnings and revenue and forecast fourth-quarter sales above analysts' estimates, citing strong demand for high-speed connectivity products. Key numbers: Third-quarter revenue was $526M, up 19.5% from a year earlier. Shares rose 5%. Why it matters: The above-estimates fourth-quarter forecast signals a record growth phase for the company, according to the headline.

Tower Semiconductor (TSEM) shares rose 5% after the chipmaker reported better-than-expected third-quarter earnings and revenue and forecast fourth-quarter sales above analysts' estimates, citing strong demand for high-speed connectivity products.

The above-estimates fourth-quarter forecast signals a record growth phase for the company, according to the headline.