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Silicon Valley Stocks Fall, Led by Lam Research, KLA-Tencor
San Francisco, Nov. 15 (Bloomberg) -- Stocks of Silicon Valley companies fell, led by Lam Research Corp., KLA-Tencor Corp. and Applied Materials Inc.
The Bloomberg Silicon Valley Index fell 6.96, or 1.4 percent, to 481.77. The price-weighted index of 45 technology stocks with major operations in Silicon Valley touched an all- time high of 489.18 earlier today and a 52-week closing low of 232.22 on Nov. 17, 1998. Twenty-four stocks fell, 20 rose and one was unchanged.
The index dropped from a record high before a Federal Open Market Committee meeting tomorrow that will decide the direction of U.S. interest rates.
Lam Research, a maker of semiconductor equipment based in Fremont, California, fell 6 1/2 to 86 1/8.
San Jose, California-based KLA-Tencor, the No. 1 maker of semiconductor inspection tools, lost 3 13/16 to 92 15/16.
Applied Materials, the No. 1 supplier of computer-chipmaking equipment, fell 3 3/4 to 105 1/4. It is based in Santa Clara, California.
Among gainers, C-Cube Microsystems Inc., the No. 1 maker of digital video chips, rose 2 13/16 to 47 9/16. The Milpitas, California-based company is preparing to demonstrate a new product.
Adaptec Inc., the No. 1 designer of electronic cards that speed computer communications, gained 1 1/2 to 52. It is also based in Milpitas.
In the broader market, the Dow Jones Industrial Average fell 8.57 to 10,760.75. The Standard & Poor's 500 Index fell 1.67 to 1394.39. The Nasdaq Composite Index fell 1.61 from Friday's record high to 3219.54.
Nov/15/1999 17:34 |
