AMD leads chip sector decline; SOX off 0.5%
** Shares in Advanced Micro Devices Inc AMD.O dropping 3.7% on Mon, leading declines in Philadelphia semiconductor index .SOX, off 0.5%
** Bernstein Research analyst Stacy Rasgon in a research note on Mon examines SOX outperformance vs broader market with SOX up ~30% YTD vs S&P 500 .SPX ~14% gain. His note did not refer to Mon's moves
** Rasgon pointed to sector valuations ~20-year highs with P/FE for SOX ~35x
** Rasgon also told Reuters investor expectations are high going into 2H 2024: "As we move into the back half you probably have to put up or shut up"
** Semis havebenefited handsomely from boom in artificial intelligence demand but Rasgon writes valuations still >30x excluding top AI beneficiaries Nvidia NVDA.O, Broadcom AVGO.O, Marvell Technology MRVL.O, AMD, Intel INTC.O
** On Mon, AMD eyeing biggest one-day pct drop since June 10. AMD pared earlier losses to trade $156.61 vs $153.64 session low
** Other big SOX decliners on Mon included Entegris ENTG.O, Rambus RMBS.O off >2% and NXP Semiconductor NXPI.O, Wolfspeed WOLF.N off nearly 2%. NVDA dipping 0.2%
** YTD Nvidia is biggest gainer in SOX up ~149%, WOLF is biggest decliner down ~49% followed by INTC's ~39% drop, AMD middle-of-the-pack up ~6% YTD
** Rasgon's "outperform" ratings include, AVGO, NVDA. Stocks rated "market perform" include AMD, INTC, NXPI
(Reporting By Sinéad Carew)
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