- 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.
STMicroelectronics closes higher following upbeat CEO comments
Nov 20 2013, 16:48 ET