Sector Wrap - Semis Higher: CRUS, WFR, BRCM

Published on Tuesday, 29 May 2012 16:51 Written by Danny Miller

New York, May 29th (TradersHuddle.com) - The Philadelphia Semiconductor Index traded higher at $379.7, representing 2.04% from its previous close. The semiconductor index had a broad rally with 26 index components trading higher.

Cirrus Logic (NASDAQ:CRUS) was the top performer of the semis, as it traded at $29.37, which represents 6.99%. from the previous trading session. Shares of Cirrus Logic, the provider of high-precision analog and mixed-signal, and embedded processors for audio and industrial markets have defined support at $24.83 and resistance at $27.88.

MEMC Electronic Materials (NYSE:WFR) was also among the top performers, closing the trading session at $1.68 representing 5.66% from its previous close. MEMC Electronic Materials, the silicon wafers producer has calculated support and resistance levels at $1.53 and $3.77 respectively. The other top performer of the semis was Broadcom (NASDAQ:BRCM), which traded at $32.76 representing 3.41% from the previous trading session.

The semis' worst performers include Rubicon Technology (NASDAQ:RBCN) that traded at $8.62 or -3.15% from the previous close. Shares of Rubicon Technology, the high-quality sapphire substrates and optical windows have defined support at $8.46 and resistance at $10.18. Also among the worst performers was Power Integrations (NASDAQ:POWI), which closed at $40.6 representing -2.71% from the previous trading session.

Today, the semis outperformed the broad market index S&P 500.