A safe haven in the semis.
That’s what traders sought on Thursday as the VanEck Vectors Semiconductor ETF (SMH) rose more than 6% on the back of some analyst upgrades in the space and a historically strong day for the overall stock market.
Micron and Intel were the targets of some Wall Street praise early Thursday. Analysts at Bank of America upgraded Micron to buy from underperform, while Bernstein upgraded Intel to market perform from underperform, both citing a possible near-term demand lift.
Micron ended the day nearly 5.5% higher at $44.79, while Intel traded up more than 8% to $55.54.
“You do have incremental demand,” Nancy Tengler, chief investment officer at Laffer Tengler Investments, said Thursday on CNBC’s “Trading Nation,” adding that her firm