Chip stocks run amuck
By Janet Haney, CBS Marketwatch
Last Update: 4:47 PM ET May 19, 2000 Hardware Stocks
Latest headlines
NEW YORK (CBS.MW) - Semiconductor shares ran amuck for the third-straight session Friday, as chip equipment maker stocks lost weight.
The Philadelphia Semiconductor Index ($SOX: news, msgs) lost 5.2 percent to 950.24. The sector, which has come under pressure recently along with the broader tech sector, is still up 33 percent for the year.
"The techs have just done so well for the past 12 months, they're just suffering a little bit more," said Wendy Abramowitz, a market strategist at Argus Research. "I don't think this is going to be a long-term issue."
Chip stocks also sustained big losses in recent trading. National Semiconductor (NSM: news, msgs) shares were uprooted by 4 1/16 to 54 3/4 and chipmaker Intel (INTC: news, msgs) gave back 6 1/16 to 117 7/8.
Additionally, chip equipment makers looked anemic during the session. KLA-Tencor (KLAC: news, msgs), and Novellus (NVLS: news, msgs) lost ground as did Teradyne (TER: news, msgs) and Applied Materials (AMAT: news, msgs). |
