Sector Mid-Day Wrap - Semis Higher: AVGO, WFR, CREE

Published on Friday, 15 June 2012 11:52 Written by Christian Paolinetti

New York, June 15th (TradersHuddle.com) - The Philadelphia Semiconductor Index is trading higher at $372.88, representing 1.01% from its previous close. The semiconductor index is having a broad rally with 24 index components trading higher.

Avago (NASDAQ:AVGO) is the top performer of the semis, trading at $34.21, which represents 2.7%. from the previous trading session. Shares of Avago, the supplier of analog interface components for communications, industrial and consumer applications have defined support at $30.18 and resistance at $34.49.

MEMC Electronic Materials (NYSE:WFR) is also among the top performers, currently trading at $2 representing 2.56% from its previous close. MEMC Electronic Materials, the silicon wafers producer has calculated support and resistance levels at $1.44 and $1.74 respectively. The other top performer of the semis is Cree (NASDAQ:CREE), which is trading at $23.37 representing 2.01% from the previous trading session.

The semis' worst performers include Micron Technology (NASDAQ:MU) that is trading at $5.76 or -1.71% from the previous close. Shares of Micron Technology, the dynamic random access memory chips maker have defined support at $5.30 and resistance at $6.04. Also among the worst performers is Marvell (NASDAQ:MRVL), which is currently trading at $11.6 representing -1.44% from the previous trading session.

Today, the Semis are outperforming the broad market index S&P 500.