PREMARKET ALERT: Chipmakers see an early rise (INTC, LSI, MRVL, AMD)

Posted in General 
July 7th, 2009

Intel Corp. (Nasdaq: INTC) shares are up 2 percent to $16.87 on volume of 160,000 shares before 9 a.m. Eastern after Bank of America/Merrill raised its rating on the chipmaker to Buy from Neutral, arguing that market participants are underestimating the stock’s potential upside.

The Intel rating boost coincides with the brokerage’s move to a more positive stance on the chip sector. The brokerage also upgraded shares of LSI Corp. (NYSE: LSI), which is up 7 percent to $4.87 on volume of about 140,000 shares in the premarket. Marvell Technology (Nasdaq: MRVL) are up nearly 4 percent to $11.83 on volume of more than 30,000 shares on a similar upgrade.

The upgrades may be helping to lift shares of other chipmakers including Advanced Micro Devices Inc. (Nasdaq: AMD), which is up nearly 3 percent to $3.65 on premarket volume of more than 340,000 shares. — Mike Tarsala.

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