by Sam Collins | June 19, 2013 1:04 am
Microchip Technology (MCHP) — This leading semiconductor manufacturer develops specialized chips for embedded control applications. Since 1990, it has shipped over 7 billion PIC microprocessors.
Earlier this month, the company raised EPS guidance $0.02 for its fiscal first quarter, scheduled to be reported on July 29. Credit Suisse has increased its estimate for fiscal year (FY) 2014, ending in March, from $2.26 to $2.30, and its estimate for FY 2015 from $2.54 to $2.67. The stock has a dividend yield of 3.8%.
For seven months, the stock traded within a 9-point range from $29 to $38. But buying volume is increasing, our internal indicator, the Collins-Bollinger Reversal (CBR), recently flashed a buy signal, and the new pattern forming from the handle of an extended cup-and-handle appears to be an inverse head-and-shoulders. A break above $38 provides a trading target of $46, but long-term investors could see much higher returns.
Source URL: http://investorplace.com/2013/06/trade-of-the-day-microchip-technology-mchp/
Short URL: http://invstplc.com/1nz3e9z
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