Image Source: Cypress Semiconductor.

What: Shares of Cypress Semiconductor (NASDAQ:CY) surged on Thursday despite no major news. The stock has been extremely volatile so far this year, and Thursday's gains essentially reversed last week's decline. The stock closed up 10.5%.

CY Chart

CY data by YCharts.

So what: Shares of Cypress declined following the Brexit vote last week, and the stock rode the market recovery higher on Thursday. The stock has moved quite a bit in 2016 in both directions, driven by both market volatility and a couple of developments.

In January, Cypress provided weak first-quarter guidance along with its results, sending the stock lower despite a generally positive earnings report. Cypress announced in late April that it was acquiring Broadcom's Internet of Things unit for $550 million, along with the news that CEO T.G. Rodgers was stepping down.

Now what: With the market recovering strongly on Thursday, Cypress stock surged higher. Cypress is expected to report its second-quarter results in late July, and investors should be ready for the possibility of more volatility.