Sunpower (SPWR) reported Q2 EPS of .61, 10 cents better than estimates on revenues of 382.8 which also beat estimates of 343 million.  The company also raised its full year 2008 revenue and EPS guidance.

In other news Cypress Semi (CY) announced  that its Board has authorized management of proceed with a spin off of Sunpower shares to Cypress’s shareholders held by Cypress.