Semiconductor Stocks Posting Strong Gains After Microchip Technology Raises Guidance

After a lackluster open, semiconductor stocks have moved decidedly higher and are posting strong gains in late morning trading on Tuesday. The strength is sector is due in part to upwardly revised guidance from Microchip Technology Inc. (MCHP).

The gains by semiconductor stocks have contributed to a 2.3 percent advance by the Philadelphia Semiconductor Index. With the gain, the index is climbing back towards the nearly two-month intraday high set last Wednesday.