ASML rises in Amsterdam after raising 4Q bookings forecast
MILAN: ASML Holding NV, Europe's biggest semiconductor equipment maker, rose the most in more than two years in Amsterdam after raising its forecast for fourth-quarter bookings to more than 2 billion euros ($2.7 billion).
ASML jumped as much as 8.6 percent to 28.57 euros, the biggest intraday advance since November 2008, and traded at 28.06 euros as of 9:55 a.m., the highest since May 2002.
"Stronger than expected" demand for lithography equipment from most chip markets is responsible for the forecast, the company, said in a statement today.
"The upside to bookings comes as a clear positive surprise and provides further support to the prospect for ASML being able to grow sales and earnings in 2011," Peter Olofsen, an analyst at Kepler Capital Markets in Amsterdam, said in a note.
ASML, the maker of machines that produce chips for Apple Inc.'s iPods and Nokia Oyj's mobile phones, is benefitting from increased demand for equipment to make memory chips.
The Veldhoven, Netherlands-based company, which received 1.3 billion euros in net orders for the third quarter, said in October that it expected bookings in the last quarter of 2010 "to exceed the Q3 level."
On Oct. 13, ASML projected fourth-quarter revenue of about 1.3 billion euros and repeated its full-year forecast for sales to grow 10 percent to 15 percent above a record 3.8 billion euros in 2007.
Global semiconductor capital equipment spending is projected to more than double to $36.9 billion this year from $16.6 billion in 2009, researcher Gartner Inc. said Sept. 13. -Bloomberg