NEW YORK (Dow Jones)--In a rare move for an investment firm, Goldman Sach has
dropped coverage of most of the semiconductor stocks it follows. The
discontinuation, effective immediately, comes as one of the firm's
semiconductor analysts, Terry Ragsdale, has resigned from the firm.
A Goldman spokesman said the decision was made to drop coverage of Ragsdale's
13 stocks. The spokesman declined comment on when coverage would resume and who
might replace Ragsdale, who is expected to leave within a week.
Ragsdale could not be reached for comment. He joined Goldman a year ago from
JP Morgan.
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In dropping semiconductor devices because of Ragsdale's resignation, Goldman
is dispensing with some of the highest profile coverage on Wall Street. Chip
stocks are said by a number of market observers to be one of the groups that
could help lead the stock market back. Goldman recognizes chip's importance
and "expects in due course" to resume coverage of the group, a spokesman said.
Four of the 13 stocks that were dropped were on the firm's recommended list,
but have been removed as of this afternoon. The stocks are Intel (INTC), Texas
Instruments (TXN), Analog Devices (ADI) and Maxim Integrated (MXIM).
Seven of the stocks carried market outperformer ratings - Xilinx (XLNX),
Linear Technology (LLTC) Micrel (MCRL), Altera (ALTR), Lattice Semiconductor
(LSCC), LSI Logic (LSI) and Nvidia (NVDA).
National Semiconductor (NSM) carried a market performer rating and Micron
Technology (MU) was not rated.
Goldman still has communication chip coverage through analyst Nathaniel Cohen,
who follows companies like Broadcom (BRCM) and Applied Micro (AMCC).
Also, semiconductor capital equipment is covered by Jim Lovello, who follows
firms like Applied Materials (AMAT).
-By Karen Talley, Dow Jones Newswires; 201-938-5106; karen.talley@dowjones.com
(END) DOW JONES NEWS 02-27-02
03:46 PM- - 03 46 PM EST 02-27-02 |
