Taiwan Semiconductor Rises on Outlook

Updated from 12:23 p.m. EDT

SAN FRANCISCO -- Shares of Taiwan Semiconductor(TSM Quote) rose Tuesday after the chipmaker boosted its first-quarter forecast.

The company said February sales fell 7.2% from a year earlier but indicated that first-quarter revenue would come in above expectations due to quick orders from customers, especially from the Chinese mainland market, as well as a stronger U.S. dollar.

Shares of Taiwan Semiconductor were recently up 7.9% to $8.35, amid a strong day for chip stocks and the market in general.

The Semiconductor HOLDRs(SMH Quote) exchange-traded fund was up 8.4% to $17.24, while bellwether Intel(INTC Quote) was up 10.9% to $13.92.