What's Going On With Microchip Technology Stock Friday?
Portfolio Pulse from Anusuya Lahiri
Microchip Technology (NASDAQ:MCHP) stock saw a recovery on Friday after a selloff on Thursday. The company announced that its JAN transistors are now qualified for Military-Standard Enhanced Low Dose Radiation Sensitivity (ELDRS) requirements. Microchip has a strong legacy in aerospace and defense, with dedicated facilities in Ennis, Ireland, and Lawrence, Massachusetts. Analysts expect a rebound in the analog industry. MCHP shares traded higher by 2.00% at $90.80 premarket on Friday. Investors can also gain exposure through Vanguard Total Stock Market ETF (NYSE:VTI) and SPDR Select Sector Fund – Technology (NYSE:XLK).
June 21, 2024 | 10:52 am
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POSITIVE IMPACT
Microchip Technology announced that its JAN transistors are now qualified for Military-Standard Enhanced Low Dose Radiation Sensitivity (ELDRS) requirements. This news, along with the company's strong legacy in aerospace and defense, has positively impacted the stock, which traded higher by 2.00% premarket.
The qualification of JAN transistors for ELDRS requirements is a significant milestone for Microchip Technology, enhancing its reputation in the aerospace and defense sectors. This positive development has led to a 2% increase in premarket trading.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Investors can gain exposure to Microchip Technology through the Vanguard Total Stock Market ETF (NYSE:VTI). The positive news about Microchip's JAN transistors may have a minor positive impact on VTI.
While VTI holds a diversified portfolio, the positive news about Microchip Technology could provide a minor boost to the ETF's performance.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30
POSITIVE IMPACT
Investors can gain exposure to Microchip Technology through the SPDR Select Sector Fund – Technology (NYSE:XLK). The positive news about Microchip's JAN transistors may have a minor positive impact on XLK.
XLK, being a technology-focused ETF, may see a minor positive impact from the good news about Microchip Technology's JAN transistors.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30