Semiconductor Equipment Maker Looks Broken
This morning, the leading semiconductor equipment makers are all declining sharply. Lam Research Corp (NASDAQ:LRCX) is leading the declines trading lower by $4.48 to $38.15 a share. The company reported a 63% decline in profit and guided lower for the next quarter.
This stocks is causing selling pressure on the other leading semiconductor equipment makers such as KLA-Tencor Corporation (NASDAQ:KLAC), Novellus Systems Inc (NASDAQ:NVLS), and Applied Materials Inc (NASDAQ:AMAT). Since LRCX stock is leading the semi equipment makers lower it will be important to follow this stock closely. The stock has some short term intra-day support around the $38.00 area, however, the daily chart support for LRCX will be around the $36.60 level.