Sector Snap: Chip Stocks Edge Down
10.07.2007 17:25
Computers
- Source: Forbes
Semiconductor stocks slipped slightly Tuesday, as the broader markets fell. In midday trading, the Philadelphia Semiconductor Sector Index fell 1.88 points, or .4 percent, to 518.65. Shares of Trident Microsystems Inc. (nasdaq: TRID - news - people ), a maker of chips used in high-definition television sets, fell a day after the company received notice from the Nasdaq Stock Market (nasdaq: NDAQ - news - people ) that it could face delisting for failure to hold its annual shareholder meeting on time. The company said it has requested an extension of the delisting. Trident also said the Nasdaq granted an extended deadline of July 16 related to another previous delisting notice pertaining to late filings. But Trident said Monday it may need more time to file the reports, which were delayed due to a stock-options investigation. Shares of Trident, which have traded between $14.85 and $25.54 over the last 52 weeks, fell 73 cents, or 3.8 percent, to $18.65. Shares of Genesis Microchip Inc. (nasdaq: GNSS - news - people ), a competitor of Trident, fell 20 cents to $10.31. One of the few bright spots in the sector was Monolithic Power Systems (nasdaq: MPWR - news - people ) Inc., a maker of power conversion chips. Wedbush Morgan Securities analyst Craig Berger, who has a "Strong Buy" on the stock, published a note suggesting the company's fundamentals may be improving due to stronger bookings growth and market share gains. Shares of Monolithic Power Systems, which have traded between $8 and $18 over the last 52 weeks, climbed 51 cents, or 2.9 percent, to $18.15. Earlier, shares traded at a new 52-week high of $18.45. Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190. Copyright 2007 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
| 
Add comment