Chip Stocks Stabilize as Market Fall Continues
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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.