Morning Tech Movers: Cirrus Logic, Inc.(NASDAQ:CRUS), Kandi Technologies Group Inc(NASDAQ:KNDI)

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Cirrus Logic, Inc.(NASDAQ:CRUS), which makes audiochips for Apple Inc. (NASDAQ:AAPL), gained after agreeing to buy rival Wolfson Microelectronics for 278 million pounds ($467 million), or 2.35 pounds a share, according to a statement. Cirrus gained 7% to $23.55 a share Tuesday. It has traded from $16.46 to $25.91 in the past 52 weeks.

Cirrus Logic expects the acquisition to boost non-GAAP earnings per share in the first full quarter after the transaction closes.

Kandi Technologies Group Inc(NASDAQ:KNDI) shares were up about 5% early in Tuesday’s session after the company said Zhejiang Kandi Vehicles Co., the company’s wholly-owned subsidiary in China, signed a supply contract with Lishen Battery System Co., China’s largest producer of rechargeable lithium-ion batteries. The contract is for a one-year supply, a minimum of 25,000 cases, of 80V/70AH lithium-ion batteries starting in May 2014.

The contract is valued roughly at RMB360 million or approximately $58.5 million when all the purchase orders have been fulfilled.

 

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