Excerpt from our One Page Annotated Wall Street Journal Summary (receive it by email every morning by signing up here):
SMALL STOCKS: Tessera, Axcelis, Conexant Gain As Applebee's and Cosi Decline
Summary: Semiconductor smallcaps got a boost yesterday on KLA-Tencor's (NASDAQ:KLAC) announcement that bookings for the fiscal fourth quarter topped estimates -- Tessera Technologies (TSRA) jumped 8.4% and Conexant (NASDAQ:CNXT-RETIRED) gained 6.2%; ADRs of Indian companies Sify (NASDAQ:SIFY) and Patni (NYSE:PTI-OLD) declined upon the news of terrorist attacks in Bombay; Small restaurant stocks dropped as well -- Applebee's (APPB) down 2.2% on a downgrade, and Ruby Tuesday (RI) slipped 3%; Bob Evans Farms (NASDAQ:BOBE) was down 1.6%; Cosi (NASDAQ:COSI) fell 12% on poor earnings results; Talbots (NYSE:TLB) jumped fully 23% on raising guidance.
Comment on related stocks/ETFs: Conexant's revenue has grown 43% year over year. Note the strength of the semiconductor ETF (NYSEARCA:SMH) yesterday -- ready for a bounce off these lows? Asif Suria sees the drop in Indian stocks as a strong buying opportunity.