On August 4, Tower Semiconductor fell 5.68% in regular trading, trading at $221.905/share, with turnover of $300 million. The stock had surged over 7% in pre-market trading to approximately $247 following the release of Q2 earnings, but reversed sharply after the opening bell.

The company reported Q2 adjusted EPS of $0.88, significantly beating the consensus estimate of $0.76. Revenue came in at $460.08 million versus the $454.68 million estimate. Q3 revenue guidance of approximately $520 million far exceeded the FactSet consensus of $490 million. Despite the strong results, the stock experienced pronounced profit-taking as it had already rallied from a low near $192 to $223 in recent weeks, and the pre-market gap-up extended cumulative gains substantially.

Wedbush had previously predicted a beat-and-raise quarter, citing silicon photonics capacity qualified in Q1 contributing more fully in Q2 and management's historically conservative guidance approach.

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