Top Business News
Intel, Other Chips Lead Tech Higher
Samantha Shaddock
05/04/09 - 03:32 PM EDT
Updated from 11:27 a.m. EDT
Chip stocks were leading the tech sector higher Monday, with Intel(INTC) and Advanced Micro Devices(AMD) among the biggest gainers, with the Nasdaq up 1.84% and the Dow up 2.12%.
Intel shares were recently rising 5.1% to $16.62 after Morgan Stanley upgraded the stock from equal weight to overweight. Analysts there said the stock looks attractively valued based on EV/sales and said consensus earnings estimates look too low. UBS, meanwhile, boosted its target for Intel to $18, based on the expectation that gross margins will improve dramatically in the second quarter. The firm has a buy rating on the stock.
Elsewhere in the sector:
AMD shares were up 11% to $4.24.
Texas Instruments(TXN) was up 1.7% to $18.26.
STMicroelectronics(STM) was up 8.3% to $7.05.
National Semiconductor(NSM) was up 7.7% to $13.31.
Applied Materials(AMAT) was up 4.5% to $12.73.
Nvidia(NVDA) was up 4.5% to $12.19.