All,
According to Reuter, the party had just begun....
Tuesday August 5 2:09 PM EDT
Tech rally gains momentum, Intel hits 100
NEW YORK, Aug 5 (Reuter) - Shares in semiconductor-related stocks rallied sharply on Tuesday, spearheading a broad tech stock advance.
Highlighting the rally was Intel Corp (INTC), which gained 3-1/4 to reach 100 for the first time since the company's two-for-one stock split in mid-July.
The Nasdaq Composite gained 15 points to 1620 and the Philadelphia Stock Exchange's Semiconductor index (.SOXX) surged nearly 10 points to 396 in a rally that showed signs of beginning to fuel itself.
``We're certainly getting back to momentum buying,'' said Peter Coolidge, senior equity trader at Brean Murray & Co. ``There's a feeling tech is the place to be in the second half of the year with the Dow having its run in the first half.''
Analysts noted Intel and other chip companies are involved in product transition projects, a factor that appeared to be drawing favorable attention to their suppliers.
``There's a product transition being played out, and that's important not just for the equipment companies but also the component makers,'' said Scott Bleier, chief investment strategist at Prime Charter Ltd.
Among chip stocks, Texas Instruments Inc (TXN) gained five to 129-11/16, and Micron Technology Inc (MU) jumped 3-1/4 to 54-13/16. Both shares reached new year-highs during the session. Another
chipmaker, Advanced Micro Devices (AMD) rose 1-3/16 to 38-1/4.
Among equipment and component makers, Xilinx Inc (XLNX) jumped 3-3/8 to 56-1/8, LSI Logic Corp (LSI) gained 1-1/2 to 34-13/16, Lam Research Corp (LRCX) added 1-3/8 to 60-7/16 and Applied Materials Inc (AMAT) rose 2-1/16 to 96-1/8. |
