Sector Wrap - Semis Higher: CRUS, POWI, ALTR

Published on Wednesday, 16 January 2013 16:51 Written by Christopher Lynn

New York, January 16th (TradersHuddle.com) - The Philadelphia Semiconductor Index traded higher at $404.46, representing 1.15% from its previous close. The semiconductor index had a broad rally with 24 index components trading higher.

Cirrus Logic (NASDAQ:CRUS) was the top performer of the semis, as it traded at $29.44, which represents 5.33%. 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 $26.25 and resistance at $31.97.

Power Integrations (NASDAQ:POWI) was also among the top performers, closing the trading session at $35.48 representing 2.69% from its previous close. Power Integrations, the maker of proprietary, high-voltage, analog integrated circuits for use in ac to dc conversion has calculated support and resistance levels at $32.60 and $35.47 respectively. The other top performer of the semis was Altera (NASDAQ:ALTR), which traded at $35.16 representing 2.39% from the previous trading session.

The semis' worst performers include Veeco Instruments (NASDAQ:VECO) that traded at $29.1 or -3.19% from the previous close. Shares of Veeco Instruments, the provider of process equipment solutions have defined support at $29.76 and resistance at $31.72. Also among the worst performers was Rubicon Technology (NASDAQ:RBCN), which closed at $6.26 representing -0.95% from the previous trading session.

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