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Skyworks Solutions surged 10% and Qorvo rose 6% intraday after their CEO confirmed that the Chinese regulatory review has entered its final stage.
Skyworks Solutions (Nasdaq:SWKS) shares rose 10% to $84.24 in Thursday intraday trading, while Qorvo (Nasdaq:QRVO) shares gained 6% to $111.49. This followed confirmation from Skyworks Solutions CEO Phil Brace that the State Administration for Market Regulation (SAMR) in China has entered the final stages of its review of the two companies' merger, with the goal of completing the deal by year-end. On the same day, the broader chip sector declined, with the iShares Semiconductor ETF (Nasdaq:SOXX) falling 2%, indicating that the rise in the two radio frequency chip companies was driven by merger arbitrage.
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