Updated from 12:23 p.m. EDT
SAN FRANCISCO -- Shares of Taiwan Semiconductor (TSM) 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) exchange-traded fund was up 8.4% to $17.24, while bellwether Intel (INTC) was up 10.9% to $13.92.
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