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Cyrix shares jump 7 pct.
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July 28, 1997: 8:22 p.m. ET
$550 million stock deal with National Semiconductor ups battle with Intel
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NEW YORK (CNNfn) - Shares of Cyrix skyrocketed nearly 7 percent in after-hours trading Monday after National Semiconductor announced the two chipmakers will merge in a $550 million stock swap.
News of the deal came only moments after the closing bell, sending Cyrix shares (CYRX) up 3-7/8 to 26-1/2 before trading was halted minutes later. On the Nasdaq stock market, Cyrix picked up 1-13/16 at 23-1/16. On the New York Stock Exchange, National Semiconductor (NSM) slid 9/16 to 33, where it remained in late-day trading.
The merger joins two second-tier chipmakers in the battle against semiconductor giant Intel, whose stock (INTC) slid 9/16 to 87-7/8 in after-hours trading.
Looking at the broader market, S&P futures trading on the Globex system eased a slight 0.35 points to 943.30. The slide indicates the Dow Jones industrial average should open nearly 3 points off Monday's record high of 8,121.11.
Technology shares dominated after the bell, with Gateway 2000 announcing that President and Chief Operating Officer Richard Snyder, was leaving his posts to lead an entrepreneurial venture capital fund.
Gateway stock (GTW) inched back 1/8 to 39-5/8. Gateway closed down 3/4 to 39-3/4 on the New York Stock Exchange.
A search for a successor is underway, the company said. Snyder will still serve on Gateway's board.
Advanced Micro Devices, however, remained unchanged after announcing after the bell it slashed prices on its best selling computer chips as it stepped up its ongoing battle with Intel for market share. AMD rose 5/16 to 35-7/16 on the NYSE Monday. 
--Will Morton
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