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Actionable news in CY: Cypress Semiconductor Corporation,

Cypress Semi Jumps 4%: Raises IoT Outlook, Beats Automotive Worries

Shares of Cypres Semiconductor (CY) are up 61 cents, over 4%, at $15.25, after the company this afternoon reportedQ2 revenue and profit that topped analysts’ expectations, and forecast this quarter’s results higher as well.

Following the report, chief executive Hassane El-Khoury was kind enough to talk with me by phone for a little bit to go over the results and outlook.

Among the various things we discussed, El-Khoury noted that the company had once again beat naysayers with growth in its automotive chip business, which rose 23% from the prior-year period and 7% from the prior quarter.

“There's a lot of distraction in the market about automotive,” he tells me. “Every quarter I...