AMD's gains, Micron's dip highlight mixed day for chip stocks
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Semiconductor stocks started the week on a mixed note, Monday, led by Advanced Micro Devices (NASDAQ:AMD) as it completed its acquisition of Xilinx.
AMD (AMD) shares rose by 1.6% after the chipmaker said it finalized its $50 billion acquisition of Xilinx 16 months after first announcing the deal. The move is seen as giving AMD (AMD) a greater position in the market for data center chip technology.
AMD (AMD) also said that its Chief Executive, Lisa Su, would become the company's chairman, and that former Xilinx board members John Olson and Elizabeth Vanderslice, would join AMD's (AMD) board.
Meanwhile, Micron Technology (NASDAQ:MU) slipped into the red, and was off by almost 1% despite being upgraded by analyst Matthew Bryson, of Wedbush Securities. Bryson lifted his rating on Micron (MU) to outperform and lifted his price target on the company's stock to $120 a share, saying that NAND pricing assumptions have turned conservative.
Among other leading chip stocks, Intel (NASDAQ:INTC) and Qualcomm (NASDAQ:QCOM) were each down by almost 1%, and chip-equipment giant Applied Materials (NASDAQ:AMAT) gave up 1.7%.
Nvidia (NASDAQ:NVDA), which reports quarterly results after Wednesday's market close, remained near its breakeven point. Last week, after Nvidia (NVDA) dropped plans to acquire Arm Holdings, Arm's owner, SoftBank, said it would take the chip-technology company public in the U.S. by March 2023.