Semiconductor stocks were on fire Wednesday after Micron Technology CEO Sanjay Mehrotra offered encouraging words that helped the sector.
During an earnings conference call after the market close Tuesday, Mehrotra said the company had resumed some shipments to Huawei after a full analysis of U.S. restrictions. He also said the company had “successfully mitigated approximately 90% of the impact from tariffs,” according to a transcript provided by FactSet.For its fiscal third quarter ended May 30, Micron reported sales of $4.79 billion, down 39% from a year earlier. However, sales came in well ahead of the $4.
Here’s how SOXX has performed over the past year, along with the S&P 500 Index SPX, +0.02% with dividends reinvested:So short-term volatility has been the norm for the semiconductor group. But the industry’s ideal positioning, as an ever-growing array of consumer products make use of its products, is obvious from its excellent long-term performance.All 30 stocks held by the ETF were up as of 10:15 ET Wednesday: Create an email alert for Philip van Doorn’s Deep Dive columns here.
Philip van Doorn Philip van Doorn covers various investment and industry topics. He has previously worked as a senior analyst at TheStreet.com. He also has experience in community banking and as a credit analyst at the Federal Home Loan Bank of New York.
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