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RFMD None

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RF Micro Devices - RFMD - cls: 6.78 chg: +0.16 stop: 6.45

Company Description:
RF Micro Devices, Inc. is a global leader in the design and manufacture of high-performance radio systems and solutions for applications that drive mobile communications. (source: company press release or website)

Why We Like It:
Investors came back from the holiday weekend and decided to buy tech stocks. More importantly they bought the dip in semiconductors, which lead the rally in tech. This could be a resumption of the bullish trend in semis. If that's the case then we want to be long RFMD, which already has a bullish trend of higher lows. We will admit that our entry point here at $6.78 is a bit aggressive. Shares of RFMD still appear to have potential resistance in the $6.80-6.83 range and potential resistance at its 200-dma near 6.88 and its 100-dma near 6.95. More conservative traders might want to wait for a move over $6.83 or even the $7.00 level to clear those important moving averages first. We suspect that RFMD will clear these levels of potential resistance and the move might be sudden so we want to get in now. Our target is the $7.40-7.50 range. FYI: The P&F chart currently points to a $19 target.

Picked on September 05 at $ 6.78
Change since picked: + 0.00
Earnings Date 10/24/06 (unconfirmed)
Average Daily Volume: 7.2 million
 

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