Silicon Valley Stocks Rise This Week, Led by Applied Materials
San Francisco, Aug. 18 (Bloomberg) -- Stocks of Silicon Valley companies rose for a third week, led by Applied Materials Inc., Advanced Micro Devices Inc. and KLA-Tencor Corp.
The Bloomberg Silicon Valley Index rose 61.65, or 9.4 percent, to 717.82. The price-weighted index of 42 technology stocks with major operations in the area set an all-time high of 796.68 on March 24 and a 52-week low of 373.79 on Aug. 25. The index has gained 27 percent this year.
Applied Materials, the No. 1 maker of semiconductor equipment, rose 14 3/4 to 83 15/16. The Santa Clara, California- based company's shares have risen 33 percent this year.
Advanced Micro, a Sunnyvale, California-based maker of personal-computer processors, rose 12 1/2 to 70 1/4. KLA-Tencor, a San Jose, California-based maker of semiconductor inspection tools, rose 10 3/8 to 55 1/16.
Thirty-five stocks in the index rose this week, six fell and one was unchanged.
Among this week's decliners was Lockheed Martin Corp., the world's biggest defense contractor, which fell 1 11/16 to 27 15/16. Prudential Securities analyst Todd Ernst cut his rating on the Bethesda, Maryland-based company to ``hold'' from ``accumulate.''
Cisco Systems Inc., the No. 1 maker of computer-networking equipment, fell 13/16 to 63 1/2.
In the broader market this week, the Standard & Poor's 500 Index rose 19.88, or 1.4 percent, to 1491.72. The Dow Jones Industrial Average rose 18.68, or 0.2 percent, to 11,046.48. The Nasdaq Composite Index rose 140.87, or 3.7 percent, to 3930.34.
Aug/18/2000 18:07 ET
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