Why GlobalFoundries Shares Rose 42% Last Month
Shares of semiconductor manufacturing specialist GlobalFoundries (NASDAQ: GFS) gained 42.1% in November, according to data from S&P Global Market Intelligence. The company entered the public stock market at the very end of October. When the quiet period ended three weeks later, analysts were quick to shower the stock in lavish praise. To cap off November's action, GlobalFoundries posted a mixed earnings report and bullish next-quarter guidance targets.
First, GlobalFoundries made quite a splash in its Oct. 27 market debut. The initial public offering (IPO) raised $2.6 billion for GlobalFoundries' majority owners, the state-owned Mubadala Investment Company from the United Arab Emirates. That was one of the largest traditional IPOs of the year.
The stock carried its IPO momentum over to a strong start in November, boosted by an agreement to make semiconductors for automaker giant Ford (NYSE: F).
Source Fool.com
