INTC/SSTI--Intel holds gains as sector dips
By Emily Church, CBS.MarketWatch.com
Last Update: 4:41 PM ET Sep 27, 2000 NewsWatch
Latest headlines
NEW YORK (CBS.MW) - Chip stocks on Wednesday retreated along with the broader market as concerns about earnings quality grow.
The Philadelphia Semiconductor Index ($SOX: news, msgs) was down 0.7 percent. Against the trend, chip equipment maker, KLA-Tencor (KLAC: news, msgs) rose $1.06 to $40.88.
Intel (INTC: news, msgs) rose up 56 cents to $43.88, reversing four days of losses stemming from its trend-setting revenue warning on the September quarter.
Meanwhile, shares of Silicon Storage Technology (SSTI: news, msgs) rose 6.7. The company, which designs a variety of flash memory devices, also said it sees earnings per share for the quarter over 35 cents a share and that it expects revenue will rise 45 percent over the second quarter to over $150 million.
Analysts are expecting earnings of 28 cents, according to First Call.
SST attributed the above-forecast revenue and profit to "better-than-expected yield improvements and production ramp at certain foundry partners of several new products, which carry improved gross margins." |
