Cypress Semi (CY) Holds Up Despite Pounding Of SunPower (SPWRA) Spin-Off
Cypress Semiconductor (NYSE: CY) is holding up well so far after accounting issues were disclosed at spin-off SunPower Corporation (Nasdaq: SPWRA).
Shares of CY are down 0.5%. SPWRA is down 17.85%.
On September 29, 2008, Cypress completed the distribution of all of their 42.0 million shares of SunPower Class B common stock to stockholders. So while Cypress' market value no longer accounts for a SunPower stake, investors might be concerned about accounting practices at both.
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