China’s Semiconductor Manufacturing Jumps in U.S. on Forecast
February 08, 2012, 11:27 AM ESTBy Belinda Cao
Feb. 8 (Bloomberg) -- Semiconductor Manufacturing International Corp., a circuit-chip maker based in Shanghai, jumped the most in three months in New York after saying first- quarter sales will increase from the October-December period.
The company’s American depositary receipts advanced 4.2 percent to $2.73 by 10:10 a.m. in New York. They earlier surged 7.6 percent, the biggest intraday gain since Nov. 2.
Semiconductor’s revenue for the first quarter this year will rise between 7 percent and 9 percent from the last quarter of 2011, the company said in a filing to the Hong Kong Stock Exchange today. Analysts had forecast a decline.
Four-quarter sales declined 5.6 percent from the previous three months to $289.6 million, the company said. That was lower than the $296.1 million average estimate of seven analysts in a Bloomberg survey.
--Editor: Marie-France Han
To contact the reporter on this story: Belinda Cao in New York at lcao4@bloomberg.net
To contact the editor responsible for this story: Emma O’Brien at eobrien6@bloomberg.net
