I think it was a non-event. Some weight had been placed on it, though probably mostly by the media. After all, either you believe the economy is expanding or you don't. Thoughts?
Agreed. The call itself was benign and the narrowing of the revenue range was widely expected. Gross margins will remain strong, which was the main concern. All is secondary to the payroll number tomorrow, but I'd expect the stock to move up with this out of the way.
This quote says it all: - - - Numbers are "consistent with the lower end of seasonal patterns". The 2nd quarter is always the weakest quarter for the chip sector. This is nothing new. As a result, we have the NDX down several consecutive weeks in a row.
agree with HD... I went long april puts on some semis and sold the front month; so it would be nice to see them marked higher tomorrow after what might be an initial sell-off... either way it is my view the semis trade higher as we get into mid-March, i.e. week of expiry. Anyway that is how I am playing it based upon historical trends of strength into mid month followed by weakness late, and the fact that on a st basis this sector looks to be oversold. Market has final say. Ice