Chip stocks jump on bullish analysts' comments
SAN FRANCISCO, Feb 3 (Reuters) - Shares of several semiconductor stocks were up on positive comments on the downtrodden sector by analysts, including bullish comments by Prudential Securities technical analyst Ralph Acampora.
''We are very bullish on semiconductors,'' said Acampora, director of technical research at Prudential.
Acampora said he recommended Texas Instruments Inc (TXN - news), Applied Materials Inc (AMAT - news), Cypress Semiconductor (CY - news), Micron Technology Inc (MU - news), Intel Corp (INTC - news), Teradyne Inc (TER - news), Novellus Inc (NVLS - news), LSI Logic (LSI - news) and Motorola Inc (MOT - news).
He added that his comments, made on a technical basis, coincided with a new semiconductor analyst at Prudential, Hans Mosesman initiating coverage on several chip makers.
''We hit the world with a one-two punch,'' Acampora said. ''These stocks look very, very good.''
The Philadelphia Semiconductor Index was up 10 to 308. Shares of Intel, the world's largest chip maker, were up 3-5/16 to 86-3/8 and were the most active on the NASDAQ. Donaldson Lufkin Jenrette also raised its rating on Intel to a buy from a market perform.
Cypress Semiconductor was up 9/16 to 10-3/4, LSI Logic gained 1-11/16 to 26-15/16, Teradyne added 5/16 to 42-9/16, Motorola added 1-13/16 to 63-15/16 and among chip equipment makers Novellus gained 1-11/16 to 39-7/16 and Applied Materials was up 2/16 to 34-7/8.
Memory chip maker Micron surged 2-7/8 to 38-1/8. Traders said Micron was also boosted by some recent analyst comments about stabilizing prices of memory chips.
Traders said that PaineWebber analyst John Lazlo said that memory chip prices were stabilizing, citing comments from a recent visit with Intel Corp (INTC - news) executives. Lazlo was not immediately available for comment. An Intel Corp spokesman said Lazlo visited Intel Monday with institutional clients, but he did not know what was discussed at the meeting.
Separately, Micron Chairman and Chief Executive Steve Appleton was testifying Tuesday before the House Banking Committee, arguing that any international rescue package for South Korea should ensure that no funding goes to protect or save Korean memory producers. |
