The Wall Street Journal-20080206-Chip Makers See Signs Of Bullish Investor Faith

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Chip Makers See Signs Of Bullish Investor Faith

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The pall cast over semiconductor makers didn't stop a few optimistic traders from making bullish moves.

SiRF Technology Holdings Inc. and National Semiconductor Corp. both warned that results during the next few months would be disappointingly weak, with both blaming lower shipments and stiff competition.

SiRF lost more than half of its market value, with shares down 55%, or $8.91, at $7.36 yesterday in Nasdaq Stock Market trading. National Semi fell 7.5%, or $1.43, to $17.59 on the New York Stock Exchange.

SiRF saw nearly 70,000 puts trade against 39,000 calls. Traders were taking on positions that, while much lower than Monday's trading levels, were higher than current levels. This suggests traders believe SiRF has bottomed out.

Nearly 11,500 March 10 calls, or contracts that allow holders to buy the stock at $10 a share, changed hands, which is roughly 10 times the open interest.

More than 3,000 June 7.50 calls traded, all of which were new issues. Nearly 7,600 June 10 calls traded, versus open interest of 55, and more than 700 June 12.50 calls traded, compared with open interest of 32.

Other chip makers saw some positive trading despite a decline in their underlying stocks. The volume with rivals Qualcomm Inc. and Broadcom Corp. suggests some optimism. These companies are seen benefiting from SiRF's weakness.

In total, more than twice as many Qualcomm calls traded as puts. More than 12,300 March 42.50 calls traded against open interest of 10,300. Qualcomm's stock fell $1.13, or 2.7%, to $40.72 on the Nasdaq.

Broadcom, meanwhile, saw roughly 17,200 calls trade against 6,000 puts. Shares fell 40 cents, or 1.8%, to $21.82.

National Semi saw scant trading with 1,700 calls traded versus 1,200 puts. Texas Instruments Inc. saw nearly 18,600 puts trade against 11,800 calls.

Networking company Cisco Systems Inc., meanwhile, saw heavy activity ahead of its second-quarter earnings report slated for late today.

While volume was heavy -- 95,800 calls against 50,200 puts -- the activity suggests traders are mixed on where the stock will go tomorrow, said Jon Najarian, co-founder of OptionMonster.com.

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