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RealTime IT News

Chip Stocks Stabilize as Market Fall Continues

Chip stocks were one of the few bright spots on Monday, as the stock market fell once again.

Micron (NASDAQ: MU), AMD (NYSE: AMD), SanDisk (NASDAQ: SNDK) and Texas Instruments (NYSE: TXN) were among the names helping the sector hold up better than the rest of the market.

The Philadelphia Semiconductor Index lost about a third of a percent, compared to a 1 percent loss for blue chip averages.

Micron (NYSE: MU) gained more than 2 percent on a Wall Street Journal report that it could benefit from Apple's (NASDAQ: AAPL) iPad.

But Broadcom (NASDAQ: BRCM) fell 2 percent despite a Citigroup upgrade.

Dell (NASDAQ: DELL), HP (NYSE: HPQ) and NetApp (NASDAQ: NTAP) — three companies that will be reporting quarterly results next week — also managed small gains. Others reporting earnings this month include Applied Materials (NASDAQ: AMAT) and Brocade (NASDAQ: BRCD).

EMC (NYSE: EMC), Seagate (NASDAQ: STX) and Google (NASDAQ: GOOG) were other gainers.

Voltaire (NASDAQ: VOLT) fell 9 percent after reporting a narrowing loss and 32 percent sales growth.