Despite the lack of direction being shown by the broader markets, semiconductor stocks are seeing notable strength in late morning trading on Monday. Upbeat analyst comments regarding sector component Micron (MU) are contributing to the upside.
The gains by semiconductor stocks have resulted in a 1.2 percent advance by the Philadelphia Semiconductor Index, which is currently poised to end the day at its best closing level since October of 2007.
Micron is turning in one of the sector's best performances, with the memory chip maker currently up by 3.8 percent. Shares are on pace to close at their highest price since August of 2007.
ThinkEquity boosted its estimates through 2012 based on projecting strong end-user demand for the firm's chips. ThinkEquity has a Buy rating on Micron and a $15 price target.
Further, Micron indicated a positive outlook for pricing in the memory-chip market on Friday, forecasting pickups in February and March numbers.
SanDisk (SNDK) is also benefiting from the news, rising by 3.6 percent and on target for its best close in nearly a month.
Advanced Micro Devices (AMD) is also trading higher, seeing a gain of 3.3 percent. Shares are also on track for their best close in a month's time.
MEMC Electronic Materials Inc. (WFR), Cirrus Logic (CRUS), KLA-Tencor (KLAC) and NetLogic Microsystems (NETL) are also sharply higher, while Broadcom (BRCM) is one of the few losers in the sector, down by 0.7 percent on the day.
View the original article here
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment