Investing.com – Semiconductors made a bold start to the month, led by a rally in NXP Semiconductors on the back of a blowout quarterly report, as the sector looked to bounce back from a torrid October.
NXP Semiconductors (NASDAQ:NXPI) rose 6% after its third-quarter results beat on both the top and bottom lines, powered by strength in its automotive segment as the adoption of autonomous driving continued to gain traction.
The semiconductor company said it expected fourth-quarter revenue in a range of $2.315 to $2.46 billion, in line with consensus of $2.40 billion.
Qorvo (NASDAQ:QRVO) reported second-quarter earnings and revenue on Wednesday that handily beat consensus estimates, sending its shares up 6%.
The company reported earnings per share of $1.75, $0.13 better than the analysts' estimates of $1.62 a share, while revenue of $884 million beat consensus of $855.97 million.
FormFactor (NASDAQ:FORM) rallied 26% after delivering a better-than-expected quarterly report on Wednesday. Fourth-quarter revenue was forecast in the range of $132-$140 million, just above consensus of $131.9 million.
The S&P Semiconductors Select Industry index was up more than 3% and market participants will continued to monitor the rally as the sector had been one of the hardest hit in October.