AMD, Microchip, Monolithic power chip stocks higher to end week
Nov. 03, 2023 2:07 PM ET
By: Chris Ciaccia, SA News Editor
 zorazhuang
Semiconductor stocks looked to end the week broadly higher, spurred by a bevy of stronger-than-expected earnings reports.
Monolithic Power Systems (NASDAQ: MPWR) gained more than 5% on Friday as investors continued to pile into the name after it reported strong third-quarter results and guidance for the coming quarter earlier this week.
The company also announced a new $640M share buyback program.
Microchip Technology (NASDAQ: MCHP) gained more than 3.5% after it narrowed its full-year spending plans amid a mixed second-quarter. The company now sees capital expenditures for fiscal 2024 to be between $300M and $325M.
AMD ( AMD) shares rose more than 4% on Friday, adding to this week's gains, after CEO Dr. Lisa Su said earlier this week she expects the company's MI300 chips to generate $2B in revenue next year.
Nvidia ( NVDA), which competes with AMD in the GPU space, rose more than 3%, while Intel ( INTC) tacked on 1.4%. Nvidia is slated to report its own quarterly results on November 21.
Micron (NASDAQ: MU) gained more than 3% after China's commerce minister suggested on Friday that the Asian country is open to Micron expanding its presence in China. The comments come as geopolitical tensions between the U.S. and China seem to be thawing.
Skyworks Solutions ( SWKS) erased earlier losses and gained more than 1.5% as several Wall Street firms said they saw glimmers of hope" in the company's latest results and guidance.
Baird analyst Tristan Gerra said that even though Skyworks' key markets are "still depressed" in the near-term, release 18 should help content growth "reaccelerate somewhat."
"Near term, gross margin continues to be impacted by underutilization charges and mix, while inventory digestion continues in Broad Markets," Gerra, who has a neutral rating, wrote in an investor note.
Cirrus Logic, which like Skyworks, is a supplier of Apple ( AAPL), slipped 1.5% after issuing third-quarter results and guidance that topped expectations.
Apple ( AAPL) also fell on Friday after it too gave color on the coming quarter that was below some expectations.
Cohu (NASDAQ: COHU) also erased earlier losses and rose around 0.5% even as the semiconductor equipment firm issued a fourth-quarter outlook that was well below expectations.
Other semiconductor stocks moved higher, including Qualcomm ( QCOM), Broadcom ( AVGO), Texas Instruments ( TXN) and ON Semiconductor ( ON). |
