Skyworks (SWKS) Stock Leads S&P 500 After Apple Duo Launch and Qorvo Merger Update

TLDR

• Skyworks Solutions stock rose 11% to $87.92 on Tuesday, topping the S&P 500, one day after falling more than 10%.
• Apple unveiled the “Duo,” its first foldable iPhone, giving Skyworks a supplier boost as a key RF chip provider.
• CEO Philip Brace said he is “very confident” the $22 billion Qorvo merger will close this calendar year.
• The Qorvo deal has entered final regulatory phases, with approvals pending in only two jurisdictions.
• The combined company is targeting around $500 million in cost and revenue synergies.

Skyworks Solutions stock jumped 11% to $87.92 on Tuesday, making it the best performer in the S&P 500. That came just one day after the stock dropped more than 10%.

Skyworks Solutions, Inc., SWKS

Two things drove the move. First, Apple launched the “Duo,” its first-ever foldable iPhone, at the highest price point in the product line’s history. As a key radio-frequency chip supplier to Apple’s mobile lineup, Skyworks got an immediate boost.

Second, CEO Philip Brace went on record at an investor conference saying the $22 billion merger with Qorvo is in its final regulatory stages, with approvals pending in just two remaining jurisdictions.

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