Tech Winners & Losers: Intel
05/28/08 - 02:54 PM EDT
Ivy Lessner
SAN FRANCISCO -- Two tech sectors were on the move in opposite directions Wednesday, while the broader Nasdaq index was off slightly. It was a down day for most semiconductor stocks, but solar technology generated some early summer heat.
A first-quarter loss at Chinese chipmaker Semiconductor Manufacturing International(SMI Quote - Cramer on SMI - Stock Picks) Tuesday helped to drag down semiconductors. SMI fell 24 cents, or 6.5%, to $3.48 Wednesday after climbing 10.7% the day before. The company took a loss of $119 million, vs. a profit of $8.8 million for the same quarter of 2007. It said it will exit the market for dynamic RAM chips. The Philadelphia Semiconductor Sector Index was down 0.5% to $405.6 in afternoon trading. Intel(INTC Quote - Cramer on INTC - Stock Picks) lost 34 cents, or 1.4%, to $23.26 on news that the chipmaker would delay the introduction of some of its latest Centrino notebook chips to August. And Intel competitor Advanced Micro Devices(AMD Quote - Cramer on AMD - Stock Picks) was also off 9 cents, or 1.3%, to $6.83. But Nvidia(NVDA Quote - Cramer on NVDA - Stock Picks) was up 17 cents, or 0.7%, to $23.53 after an upgrade Wednesday. JMP Securities raised the graphics chipmaker to market outperform. Alternative energy stocks gained after Kaufman Brothers initiated coverage with buy ratings on several names Wednesday. American Superconductor(AMSC Quote - Cramer on AMSC - Stock Picks) rose $2.26, or 7.2%, to $33.80 after Kaufman gave it a one-year price target of $37, according to Briefing.com. Cree(CREE Quote - Cramer on CREE - Stock Picks)was up 44 cents, or 1.8%, to $24.75 on Kaufman's initiation of a buy rating and a $36 price target. Evergreen Solar(ESLR Quote - Cramer on ESLR - Stock Picks) rose 29 cents, or 2.7%, to $10.89 with an initiated buy rating and $18 target. MEMC Electronic Materials(WFR Quote - Cramer on WFR - Stock Picks) gained 84 cents, or 1.2%, to trade at $68.73 on a price target of $80. And First Solar(FSLR Quote - Cramer on FSLR - Stock Picks) was up $4.15, or 1.6%, to $269.31 on a hold rating and a target of $260.
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