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Good Reports Keep Coming Despite Political Noise

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National Semiconductor looks cheap, Tellabs looks strong.

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Editor's Note: The following was posted in real time on our premium Buzz & Banter (click for a free trial).


Just passing along this interesting article from the Wall Street Journal entitled Bankers See M&A Activity Rising in Chip Sector. I also think National Semiconductor (NSM) is quite cheap, and frankly have been surprised at the lack of Tech M&A so far this year -- that being a key theme of mine and all.

Meanwhile, good reports keep churning out while the market frets over a massive amount of noise that's been shouted from the political arena.

VMware (VMW) -- again, mad at myself for not being on top of this one.

Tellabs (TLAB) -- very solid report on a stock that's been dead for a long time and has an ultra-sound balance sheet.

Gilead Sciences
(GILD) -- also very strong and stock up nicely this morning. This stock was a gift for those who follow the biotechs.

Yahoo (YHOO) -- also fairly strong and at least good enough to be up in the pre.

Altera (ALTR) -- great report here and confirms Xilink's (XLNX) stellar report.

Frankly, not too many even moderately poor reports in Tech, and that should portend to another significant run at some point in the coming weeks/months. All the while, lots of noise may be preventing many from noticing the continued strength that has nothing to do with any government stimulus, or the FED buying mortgages, or even the funds rate, (though that spills into everything to a degree).

Overall, this month may be a good proxy for what large periods of the year may hold. Which in long stretches, might be characterized by lots of intraday volatility and noise, with likely very little overall market movement over weeks or months. Meanwhile, certain stocks put in huge returns, and people trying to play broad market moves may be frustrated -- especially since the max frustration for most is a sideways market.
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Position in NSM.

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