ChipPAC Gains on Smaller-Than-Anticipated Loss

ChipPAC (CHPC Quote), a maker of semiconductor test equipment, was up 16% in midafternoon after it posted first-quarter loss of 11 cents per share, ahead of the Thomson Financial/First Call consensus of a 14-cent loss.

Credit Suisse First Boston lowered its second-quarter and full-year estimates to show greater losses than previously, noting that although the company plans to cut expenses, it remains concerned about the level of debt ChipPAC carries.

Thomas Weisel Partners upgraded the stock to strong buy from buy.