STMicroelectronics closes higher following upbeat CEO comments

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.

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Comments (1)
  • malc9141
    , contributor
    Comments (223) | Send Message
    I bought in a year or so ago when I realised what a future their apps had for the automobile market. I wasn't sure if it could all be swept away by competitors, but their involvement with the car is what I've put my money down on.
    20 Nov 2013, 06:52 PM Reply Like
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