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Technology Stocks : Alliance Semiconductor

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Jul 10 5:00 PM EST

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To: DJBEINO who wrote (7165)	3/24/2000 3:20:00 PM
From: DJBEINO	of 9582

stock of the hour:Chartered Semiconductor Chartered Semiconductor Could Close in Record Territory by Charles Rotblut, CFA Senior Analyst/Contributing Editor Shares of Chartered Semiconductor {CHRT} pierced resistance at 103-1/2 this morning and is holding onto most of its gains despite the afternoon withdrawal in the Nasdaq. The stock is trading up 6-3/4 at 105 and appeared in the 2:25 p.m. EST ProSearch run of New 26 Week Highs. CHRT has had a difficult time sequentially trading above $100 since first testing the mark in early February. The first test of triple-digit territory occurred amid slightly overbought conditions and resulted in a pullback to strong support near $82. The second test, which occurred early last week, was met by resistance at 103 and caused CHRT to again pullback below 100. Today, however, the stock has surged through resistance at 103 to set a new record high of 108-1/4. The only caveat about calling today's move a technical breakout is volume, which is 12.5 percent lower than the 30-day average. Technicians look to elevated volume levels as a confirmation that a breakout has occurred. Conversely, the accumulation distribution ratio suggests that this surge is in fact the beginning of a new upward move as the ratio has one and three-week increases of 31.0 percent. This is a bullish sign that indicates buyers have been intensifying their trading activity in the stock. Monday could be prove to a be key day for the stock, particularly if CHRT builds on today's gains with higher than average volume. The continuance of highly favorable sentiment in the semiconductor sector, which remains one of the strongest industry groups in terms of upward price performance, is likely to make this a high probability. Chartered Semiconductor Manufacturing Ltd. provides wafer fabrication services and technologies to semiconductor suppliers and manufacturers of electronic systems. Revenues for 1999 totaled $694.3 million compared to 1998 revenues of $422.6 million. Cumulative earnings per share were ($0.32) compared to ($2.42). The December 31, 1999 balance sheet shows cash and cash equivalents of $545.0 million and long-term debt of $423.7 million. Shares outstanding total 127.6 million with a float of 26.3 million. wallstreetcity.com

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