Intel, Micron Technology snap 6-day win streak as semiconductor stocks take a hit

Intel (NASDAQ:INTC) and Micron Technology (NASDAQ:MU) snapped their six-day win streak as semiconductors and semiconductor equipment companies took a hit today.

The Technology Select Sector SPDR Fund ETF closed the day 0.95% lower at $225.07 as the focus remained on U.S. companies with the highest percentage of sales to China.

Some U.S. stocks are seeing a clear positive catalyst, with the S&P 500 excluding technology companies with the highest percentage sales to China (about 29% sales to China on average) averaging a strong 9.1% week-to-date return, Wells Fargo equity analyst Christopher P. Harvey said in a note.

INTC finished 0.08% lower at $23.90, while MU was 2.18% down to $107.49.

Intel has gained 14.31% over the course of the last six trading sessions, with a notable gain recorded on Friday, September 20. The stock ended 3.31% higher at $21.84, with the Santa Clara-based company’s fate being the subject of recent speculation.

However, the stock has been the sole year-to-date decliner among major chipmakers. INTC has lost 52.44% year-to-date, and is currently trading 32% below its 200-day simple moving average.

Short interest on the stock stood at 2.74% of the total float as of September 15, representing 116.72M shares sold short.

The average sell-side analysts, Seeking Alpha authors and the Quant rating on Intel is a Hold.

On the other hand, Micron Technology gets a Strong Buy from sell-side analysts and Buy from SA authors and Quant.

MU has added 24.04% over the course of the last six trading days, with a significant gain logged yesterday.

The Boise, ID-based memory maker ended the day 14.73% higher at $109.88 after its Q4 results topped expectations and the guidance pleasantly surprised Wall Street. The company’s guidance suggests that the AI boom is more than offsetting consumer weakness.

MU has gained 28.76% year-to-date, and is currently trading 18% above its 20-day simple moving average.

Short interest on MU was 3.36% of the total float as of mid-September, representing 36.95M shares sold short.