Shares of Skyworks Solutions surged Friday after CEO Philip Brace updated investors about the status of a key merger.
Skyworks Solutions stock rose 9.4% to $91.90 and was on pace to close higher for a fifth consecutive trading session. The stock, over that stretch, has gained nearly 29%, making it the best five-day session streak since the five days ending on Feb. 10, 2009, when shares rose nearly 30%, according to Dow Jones Market Data.
The stock's recent surge accelerated after the company's CEO on Thursday spoke at the Goldman Sachs communications and technology conference.
Brace said he was "very confident" that the pending merger with Qorvo will close "this calendar year" and that the companies are "preparing to close this fiscal year."
That would place the closing at the end of September or in early October.
"We're just waiting right now, I would say. These things are never certain. And we're kind of around the airport just waiting for permission to land," Brace said of the merger. "Hopefully it comes soon and we're champing at the bit, ready to go."
Investors have been focused on the merger between Skyworks and Qorvo as a massive shift for the analog and mixed-signal semiconductors industry.
The two companies agreed last year to merge in a cash-and-stock deal that marries two of the primary suppliers for components in Apple's iPhones, and creates a $22 billion U.S.-based radio frequency, or RF, analog and mixed-signal semiconductor enterprise.
"I really think this is a transformative deal for both the company and the industry," Brace said Thursday.
The CEO added that along with the new company's strong mobile business, it will have "super attractive" business opportunities in aerospace and defense for its products.
Along with Skyworks stock, Qorvo stock rose 6.8% to $120.05 on Friday after ending Thursday up 6.8%.
Even with the big boost, Skyworks Solutions stock was down 54% from its record closing high of $199.66 from April 26, 2021. Shares, however, had risen 45% this year and have gained 23% over the past 12 months.