SMI, UMC Dumped on Bullish Results; Whither TSMC?

July 29, 2009 at 1:25 pm PT

There goes the rally in contract chip makers. Shanghai, China’s Semiconductor Manufacturing International (SMI) and Taiwan’s United Microelectronics (UMC) both this morning beat profit and sales estimates for their most recent quarters and forecast above consensus, but both saw shares punished nevertheless.

SMI shares fell 21 cents, or 7.4 percent, to $2.64; UMC fell 15 cents, or 4.6 percent, to $3.15.

After a 61 percent rise in UMC stock this year and a 26 rise in SMI stock, I guess folks are selling on the news.

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Tagged with: Barrons, digital, economy, frontpage, innovation, Semiconductor Manufacturing International, semiconductors, Tech Trader Daily, Tiernan Ray, United Microelectronics

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