Two stocks of interest in today’s Screen of the Day, Big Cap Leaders, reported quarterly earnings recently: Palo Alto Networks (PANW) and Kroger (KR). Both surpassed expectations. And it may be surprising, but the grocery chain’s stock has been holding up better during the overall market selloff than the cybersecurity stock and other tech stocks like Taiwan Semiconductor (TSM) have. Watch this detailed chart analysis video for more information.
Taiwan Semiconductor Manufacturing (TSM) stock fell Monday to its 50-day line, after the company got downgraded late Sunday due to excess inventory and other issues. In a research report, Michael McConnell, an analyst for Pacific Crest Securities, downgraded TSMC to underperform from sector perform. He has no price target on the company. TSMC is the leading chip industry foundry. Its customers include Sony (SNE), Qualcomm (QCOM), Nvidia (NVDA) and
Global spending on manufacturing equipment and materials to build semiconductors is expected to total $62.1 billion in 2014, up 7% from 2013, says market tracker Gartner. Intel (INTC), Taiwan Semiconductor Manufacturing (TSM) and Samsung are the top spenders on such gear. The three account for half of the total spending by chipmakers for chip manufacturing equipment, says Gartner. The positive outlook for capital spending in 2014 is a result of