Cirrus Logic has recently traded in the $19’s after reaching above $25. The company makes audio chips for smart phones, and has a contract with Apple for the IPhone and IPad. A recent target price for Apple stock was issed at $480 (current price is around $339). CRUS stock is very much tied to Apple, who continues to come in with strong sales numbers. CRUS has a P/E ratio of about 14, which is very cheap for the growth they are experiencing. On 4/4 chipmaker Texas Instruments announced they were purchasing National Semiconductor at a significant premium. This will be good news for CRUS, but the charts show the stock slipping to its next resistance level at $18. With CRUS poised for strong growth, it could easily see $25 again after its late April earnings announcement, but it may still hit $18 before that happens.