Midday Report: Analog Devices Leads Chipmakers; Dow Struggles for Direction

Stocks are mostly higher mid-week, though the Dow struggles for direction.
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Stocks were mostly higher mid-week, though the Dow struggled for direction. Gains in tech boosted markets, while a selloff in energy stocks weighed on Wall Street. Analog Devices Inc. (ADI) - Get Report led the tech sector higher after a positive quarter of earnings. The chipmaker reported a 64% surge in revenue. Other semiconductor stocks such as Advanced Micro Devices Inc. (AMD) - Get Report and Microchip Technology Inc. (MCHP) - Get Report were also higher. Crude oil held lower even after a far deeper drop in crude oil inventories than expected. U.S. crude stockpiles fell by 5.4 million barrels in the past week, more than double consensus. Gasoline stockpiles were unchanged, while distillates rose. Bob Evans Farms Inc. (BOBE) rose after topping fiscal first-quarter sales estimates. The family-style restaurant chain said it increased market share by 250 basis points points from a year earlier.

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