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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.
Comments (1)
  • malc9141
    , contributor
    Comments (134) | 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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