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Brighter Morning for Chip Stocks (INTC, MRVL, ALTR, PWER, TXN)

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By Douglas A. McIntyre Updated Published
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We are seeing a mixed lot of news in chip-land for semiconductor stocks this morning, but the news we have seen so far looks like it is getting the week off to a more stable start for the chip sector.  We have news from Intel Corp. (NASDAQ: INTC), Marvell Technology Group Ltd. (NASDAQ: MRVL), Altera Corp. (NASDAQ: ALTR), Power-One, Inc. (NASDAQ: PWER), and Texas Instruments (NYSE: TXN).

Citigroup said that it sees margins improving at Intel Corp. (NASDAQ: INTC).  The firm reiterated a buy rating on the world’s largest chipmaker, raised estimates for 2009 and 2010 by almost 10% and boosted its target price up $1.00 to 21.00.  Intel shares are actually flat to down a couple pennies in early indications.

Marvell Technology Group Ltd. (NASDAQ: MRVL) is trading higher after the chip design firm raised second quarter revenue guidance to $600 million to $630 million from $540 million  to $580 million.  The hike is due to broad improvement in demand within multiple markets. It even expects some profit in the quarter. Shares are up almost 3% at $12.35 in early trading.

Altera Corp. (NASDAQ: ALTR) caught an upgrade.  RBC Capital Markets raised the rating to an “Outperform” from “Sector Perform” this morning and raised its target to $20.00 from $16.00.

Power-One, Inc. (NASDAQ: PWER) is trading up 4%, ($1.00+ stock though) after the company announced a patent license With Texas Instruments (NYSE: TXN). This is a non-exclusive ‘Field of Use’ agreement to license Power-One’s digital power technology patents to TI.

Jon C. Ogg
June 22, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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