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January 16, 2014 1:02 pm

Israel’s Tower Semiconductor Shares Jump on Jim Cramer Recommendation

avatar by Joshua Levitt

Tower Semiconductor headquarters, in Migdal Haemek, Israel.

Tower Semiconductor headquarters, in Migdal Haemek, Israel.

Shares of Israel’s Tower Semiconductor surged 6.1% on the Nasdaq and 10.7% on Tel Aviv’s TASE on Wednesday, following similar steep gains on Tuesday, after TV stock pundit Jim Cramer advised tracking the stock in his “4 Under-$10 High Tech Stocks to Watch,” online investment website Stockpickr reported.

Tower Semiconductor is Israel’s leader in semiconductor manufacturing, controlling the $1.1 billion Fab 3 semiconductor plant, completed in 2003. Tower also now owns the U.S. mixed signal semiconductor company Jazz Technologies, which it acquired in 2008, and a wafer fab belonging to Japan’s Micron Technology, acquired in 2011. For 2014, the TowerJazz group expects, for the first time in it’s history, to generate more than $1 billion dollars in revenue.

Cramer, the host of the popular ‘Mad Money’ program said, “From a technical perspective, Tower spiked higher here right above some near-term support at $5.44 and above its 200-day at $5.26 with strong upside volume. This move is quickly pushing shares of Tower within range of triggering a major breakout trade. That trade will hit if Tower manages to take out Tuesday’s high of $5.99 to some more key overhead resistance at $6.11 with high volume.”

“Traders should now look for long-biased trades in TSEM as long as it’s trending above Thursday’s low of $5.58 or above its 200-day at $5.26 and then once it sustains a move or close above those breakout levels with volume that hits near or above 155,068 shares. If that breakout triggers soon, then TSEM will set up to re-test or possibly take out its next major overhead resistance levels $7.53 to its 52-week high at $8.67.”

At 10:30 AM on Thursday, Tower Semiconductor shares were off slightly on profit-taking in light NASDAQ trade, down 1.1% at $6.23, giving the company a market capitalization of $290 million.

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