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Why Silicon Laboratories Stock Jumped Today

TheMotleyFool

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Why Silicon Laboratories Stock Jumped TodayPhoto, wide shot, wide-angle lens, soft focus, Auto parts supplier, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-XjwbnkgTrFCFx6Y3gLbqZBCj.png?st=2023-05-13T09%3A21%3A52Z&se=2023-05-13T11%3A21%3A52Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-13T06%3A55%3A39Z&ske=2023-05-14T06%3A55%3A39Z&sks=b&skv=2021-08-06&sig=wJlbn/o%2BieTjclaQNRsJc%2BDDZieC0UCS6BPi5tapxAA%3D

Shares of Silicon Laboratories (NASDAQ: SLAB) jumped today after the company announced yesterday that it's selling its infrastructure and automotive business to Skyworks Solutions (NASDAQ: SWKS).

Silicon Laboratories' share price gained as much as 12% this morning, but the tech stock leveled off a bit a few hours later and was up 8% as of 11:37 a.m. EDT. Skyworks' stock gained about 4% on the news.

Silicon Laboratories said that it will sell its infrastructure and automotive business for $2.75 billion and return about $2 billion of that to its shareholders after the all-cash deal closes.

Source Fool.com

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