STMicroelectronics closes higher following upbeat CEO comments

|About: STMicroelectronics NV (STM)|By:, SA News Editor

During a Morgan Stanley conference talk, STMicroelectronics (STM +3.6%) CEO Carlo Bozotti states his company's bookings improved a bit in October from Q3 levels, something that gives him "comfort." Bozotti also says automotive chip demand remains healthy.

Expectations for STM have been muted, particularly after the European chipmaker delivered a Q3 miss and below-consensus guidance last month.

The automotive market was an area of strength for STM in Q3: While the company's total sales fell 7% Y/Y to $2.01B, its automotive sales rose 7% to $418M.