Here's a recap:
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Dell Computer (DELL: news, msgs) rose 23/32 to 42 136/256. The computer maker was downgraded to "long-term attractive" from "buy" by BancBoston Robertson Stephens. Analyst Daniel Niles sees revenue growth being less than expected due to supply issues caused by the Taiwan earthquake and a delay in Intel's Camino chipset.
Cypress Semiconductor (CY: news, msgs) added 1 7/8 to 23 3/8. SG Cowen analyst Drew Peck upped his 1999 earnings estimate to 73 cents a share from 71 cents and 2000 profit to $1.50 from $1.45. Peck believes supply issues will be "negligible" for CY in the fourth quarter. Cypress manufactures digital and mixed signal integrated circuits.
Applied Materials (AMAT: news, msgs) gained 1/2 to 78 3/16. Lehman Brothers bumped up its fiscal 2000 estimate on the chip equipment bellwether based on an "improved outlook for semiconductor equipment capital spending..." The broker expects AMAT to grab 20 percent market share in 1999, up from 15 percent in 1998.
Micron Technology (MU: news, msgs) climbed 5 to 71 1/2 after Merrill Lynch repeated an intermediate-term "buy" rating on the memory chip manufacturer. "Over the near term, the extremely tight spot market is likely to weaken, which could take [dynamic random access memory] producers' stock prices down as well," analyst Joe Osha said in a report. "We encourage investors to treat any such weakness as a buying opportunity. Two thousand is going to be a good year in the DRAM market."
Other semiconductors moved ahead. The group has been stymied of late due to concern over the supply situation in the aftermath of the Taiwan earthquake. "Our checks with distributors and sales representatives point to continuing strength in all end markets with no end in sight," Lehman Brothers said in a report. "Leadtimes continue to extend and prices continue to rise. Positive surprises are coming next year."
In the semiconductor equipment group, KLA-Tencor improved 1 1/4 to 66 1/4 and Lam Research appreciated 3 13/16 to 64 13/16. Among chipmakers themselves, Maxim Integrated Products was ahead 3 29/32 to 67, Analog Devices 2 3/4 to 54, and Xilinx 2 1/32 to 67 9/16.
Eli Lilly (LLY: news, msgs) bounded up 4 3/8 to 68 9/16. The Food and Drug Administration approved the company's Evista drug for the treatment of postmenopausal osteoporosis. Nearly two years ago, the FDA approved Evista for the prevention of the disease.
Other drugs scored.
Warner-Lambert picked up 2 1/8 to 68 1/2, Schering Plough 3 7/8 to 47 1/2, Merck 3 5/16 to 68 1/8, and Bristol-Myers Squibb 2 13/16 to 70 5/16. |
