All: article on semi-sector stocks,
came off the Dow Jones news wire this afternoon, mentions AMAT
among those stocks experiencing heavy institutional buying...
NEW YORK (Dow Jones)--Led by a strong performance from Intel Corp. (INTC), shares of semiconductor
companies posted solid gains Tuesday.
Drew Peck, a Cowen & Co. analyst, said the group rose because money managers continue to flock to the sector. But,
he warned that the semiconductor industry was slumping a year ago, so any year-over-year comparisons aren't quite
fair.
''Investors seem to be throwing caution into the wind, especially since we're entering a period that is usually
seasonally weak,'' Peck said.
The Dow Jones index of eight semiconductor companies was up 4% on a market-capitalization weighted basis,
compared with the broader Dow Jones Equity Market Index, which was up 1%.
Intel stock didn't appear to be burdened with the news of lawsuits and chip flaws, which has kept its shares off
balance in the last two weeks.
Intel was up 6 1/4, or 4%, to 161, on Nasdaq volume of 11.7 million, compared with average daily volume of 13.4
million.
Intel rival Advanced Micro Devices Inc. (AMD) rebounded from a 6.2% drop Monday, rising 2 1/8, or 5.3%, to 42 1/8
on volume of 3.1 million shares, compared with average daily volume of 2.9 million.
Other semiconductor stocks that rose included National Semiconductor Corp. (NSM), which was up 1 5/8, or 6.3% at
27 5/8; chip equipment maker Applied Materials Inc. (AMAT) up 2 7/8, or 4.3%, to 69; LSI Logic Corp. (LSI), up 2 3/8,
or 5.7%, at 44 1/4; and Cyrix Corp. (CYRX), up 1/4, or 1.1%, at 22 5/8. |
