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Technology Stocks : Novellus -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (2996)	10/18/2000 2:09:48 PM
From: Art Baeckel	Respond to of 3813

Chip Stocks Chip stocks rise above market turmoil By Jason Margolis, CBS.MarketWatch.com Last Update: 10:59 AM ET Oct 18, 2000 NewsWatch Latest headlines SAN FRANCISCO (CBS.MW) -- After being abused Tuesday, chip stocks were up in early morning trading Wednesday. The Philadelphia Semiconductor Index($SOX: news, msgs), a barometer for chip stocks, rose 3.9 percent to 673. The sector hit a low of 601 for the calendar year earlier in the morning. Altera (ALTR: news, msgs) led the charge, rising $3.69 to $34.06 after announcing earnings in line with analyst expectations. Net income rose to a record $118 million, or 28 cents a share, on revenue of $395.4 million, vs. $55.6 million, or 13 cents a share, the same period a year ago. Intel (INTC: news, msgs) was also up $2.56 to $34.75 after reporting third-quarter profits of 41 cents, 3 cents ahead of the First Call estimate. Revenue rose to $8.7 billion from $7.3 billion in the year-ago quarter, topping estimates of $8.6 billion in sales. The chip giant had warned in late September that revenue would fall below its previous expectations due to waning demand in Europe. Novellus Systems (NVLS: news, msgs) and Rambus (RMBS: news, msgs) were also up. Novellus was climbing 7.3 percent to $34 and Rambus shares were up 5.4 percent to $60.94. Jason Margolis is a reporter for CBS.MarketWatch.com.