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Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

AHEAD OF THE TAPE: Calling Tech Bellwethers [Wall Street Journal]

Summary: Two leading semiconductor companies report today: Intel and Linear Technology. Intel, long considered a key indicator for both the tech industry and the general economy, is less likely to fulfill this role today given its battle with AMD. Linear Technology, a leading developer of analog chips, could be viewed as a replacement. According to Lehman Brothers semi analyst Romit Shah, Linear is likely to follow peers National Semiconductor and Maxim Integrated Products which warned last month about weakening demand for analog chips. Shah believes that Linear is a good indicator of the general state of the economy, as they are known for answering customer demand more quickly than their peers. A decline in sales, therefore, would more accurately reflect a real-time decline in market demand.
Related links: Latest Earnings Call Transcripts on Seeking Alpha • Semiconductors: Indicator for Tech and Broader MarketMore Proof the Semis Are In Trouble
Potentially impacted stocks and ETFs: Intel (INTC), AMD (AMD), Linear Technology (LLTC), Maxim Integrated Products (MXIM), National Semiconductor (NSM). Semiconductor HOLDRs ETF (SMH).

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Source: Intel and Linear Tech's Earnings Reports Today: More Than Just Tech Indicators