BUZZ-U.S. Stocks on the Move-Microchip Tech, Aegerion, On Semiconductor
(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) The Dow industrials hit a record high on Friday as stocks rallied on Wall Street after the Bank of Japan significantly ramped up its stimulus program, just days after the Federal Reserve wound down its own package of U.S. economic incentives. The Dow Jones industrial average was up 1.09 percent at 17,383.64, the S&P 500 was up 1.05 percent at 2,015.61 and the Nasdaq Composite was up 1.35 percent at 4,627.752.
** ON SEMICONDUCTOR CORP, $8.375, +4.56 pct
The power management chip maker said it was noticing a recovery in orders for shipment in the first half of 2015.
Morgan Stanley raised its price target on the stock to $8 from $7.50
"While business weakened at the end of September and into October, (ON Semiconductor) is encouraged by a recent uptick in orders," Morgan Stanley analysts wrote in note.
The company reported lower-than-expected third-quarter profit and revenue, and forecast fourth-quarter revenue below the average analyst estimate, hurt by slowdown in orders this year.