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Jan. 8, 2021, 9:36 a.m. EST

Tech stocks lead European markets higher after STMicroelectronics and Micron results

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By Steve Goldstein

The technology sector led European stocks higher, after positive results from microchip makers Micron Technology and STMicroelectronics.

Infineon Technologies /zigman2/quotes/203152288/delayed XE:IFX -1.60% rose 7% in Germany, after Micron /zigman2/quotes/205710729/composite MU +5.45% not only beat expectations but also said there were shortages of components. “We believe that readacross is positive in particular for Infineon which still has available capacity while the shortage should support the price-mix,” said Gianmarco Bonacina, an analyst at Italian broker Equita.

STMicro /zigman2/quotes/203551318/delayed IT:STM -2.73% shares surged 4% in Milan, as the company said fourth-quarter revenue would be $3.24 billion, which was above the $3.02 billion consensus estimate. Demand for personal electronics and automotive products resulted in “significantly better than expected market dynamics,” the company said.

Other European-listed technology firms including BE Semiconductor /zigman2/quotes/206329769/delayed NL:BESI -0.83% and ASML /zigman2/quotes/206208657/delayed NL:ASML -1.64% advanced.

The broader Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.78% rose 0.5%, extending its rise to 3% in the new year.

U.S. stocks /zigman2/quotes/210599714/realtime SPX +1.95% opened higher, with equities little moved by data showing the first decline in jobs in the U.S. since April .

“This week’s strong performance for markets somewhat belies the underlying economic picture, which has seen the U.K. and Germany post ever increasing infection and death rates over the past few days, while the political turmoil on Capitol Hill has painted a picture of a U.S. that is increasingly riven by partisan division,” said Michael Hewson, chief market analyst at CMC Markets U.K.

Of other stocks on the move, German travel firm TUI /zigman2/quotes/207049334/delayed UK:TUI -5.34% jumped 21% in London trade, after announcing it would sell €544.6 million of discounted shares to help pay off debts.

/zigman2/quotes/203152288/delayed
XE : Germany: Xetra
31.77
-0.52 -1.60%
Volume: 7.69M
March 5, 2021 6:30p
P/E Ratio
103.20
Dividend Yield
0.69%
Market Cap
€41.99 billion
Rev. per Employee
€183,585
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/zigman2/quotes/205710729/composite
US : U.S.: Nasdaq
$ 88.93
+4.60 +5.45%
Volume: 30.33M
March 5, 2021 4:00p
P/E Ratio
33.56
Dividend Yield
N/A
Market Cap
$94.34 billion
Rev. per Employee
$535,875
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/zigman2/quotes/203551318/delayed
IT : Italy: Milan
28.47
-0.80 -2.73%
Volume: 5.43M
March 5, 2021 5:35p
P/E Ratio
27.64
Dividend Yield
0.49%
Market Cap
€26.46 billion
Rev. per Employee
€194,807
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/zigman2/quotes/206329769/delayed
NL : Netherlands: Euronext Amsterdam
57.08
-0.48 -0.83%
Volume: 487,576
March 5, 2021 5:39p
P/E Ratio
35.02
Dividend Yield
2.98%
Market Cap
€4.19 billion
Rev. per Employee
€284,716
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/zigman2/quotes/206208657/delayed
NL : Netherlands: Euronext Amsterdam
428.45
-7.15 -1.64%
Volume: 1.26M
March 5, 2021 5:35p
P/E Ratio
50.51
Dividend Yield
0.64%
Market Cap
€181.43 billion
Rev. per Employee
€497,934
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/zigman2/quotes/210599654/delayed
XX : STOXX
408.68
-3.23 -0.78%
Volume: 0.00
March 5, 2021 11:03p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,841.94
+73.47 +1.95%
Volume: 3.33B
March 5, 2021 5:44p
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/zigman2/quotes/207049334/delayed
UK : U.K.: London
413.30 p
-23.30 -5.34%
Volume: 6.18M
March 5, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£4.80 billion
Rev. per Employee
£144,389
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