Growth funds love semiconductor leadership. When they see the National Semiconductors (NSM) and the Texas Instruments (TXN) or the Advanced Micro Devices (AMD), Microns (MU) and Teradynes (TER), as well as the twins of semi growth, Altera (ALTR) and Xilinx (XLNX), rolling up, they get excited to take a lot of stocks that are affiliated with the group.

High liquidity ratio, low leverage, consistent dividend

“Altera (ALTR) and Xilinx (XLNX), two companies that in the 1990s used to routinely blow out the numbers, lifting Cisco (CSCO) with them, issued statements last night and just now that give the Nasdaq a reason to rally. They have guided up or said things aren't that bad, which are precursors to higher prices.
Given that the Nasdaq is and has been a place of hope, these two will be used to generate a rally, perhaps of some significance, in the beaten-down SOX, and that will allow others -- including cell phones and networking players like Cisco -- to feel jaunty. Especially after the DRAM exchange recorded unprecedented declines of more than 10% in memory chip prices last week.
Now, it doesn't matter of course that these are small-time bumps. They are, put simply, a sense that things aren't falling off a cliff at this moment and they allow people to say "the worst is over."
That phrase, the most costly phrase around, gives hope that Cisco and EMC (EMC) -- what was that legal nonsense, ugh -- and of course Intel (INTC) and Microsoft (MSFT) can trade higher.
And so forth, and so on.
I say enjoy it. Maybe even take something; I took some Cisco yesterday. But never forget that the days when either of these two companies is a harbinger of anything have long since past.”

Altera (ALTR) was upgraded from Hold to Buy, Citigroup said. $25 price target. Stock has pulled back sharply since the recent earnings call, and the company is still expected to deliver 8% earnings growth in 2008.

Altera repurchased 10.8 million shares of its common stock during the quarter at a cost of $255 million. As of the end of the third quarter, Altera has, year to date, repurchased 32 million shares at a cost of $717 million. Repurchases in 2007 are part of a previously announced plan to repurchase up to $1.5 billion of the company's common stock through 2007 and the first half of 2008. Altera ended the quarter with $1.2 billion in cash and investments.

Altera recently announced a $500 million dollar buyback which adds to its prior plan.

The programmable chipmaker also recently reaffirmed its forecast that third-quarter sales would be flat to 3 percent higher compared with the second quarter of this year.

The stock has a forward PE of 21.

90
mkt cap - 8.05B
roa - 10.88
roe - 23.89
trailing p/e - 24.86
fwd p/e - 20.87
PEG - 1.44
# qtrs missed in last 4: 0

Sep 25 - .20

Downgraded by AG Edwards from Buy to Hold

it MOVES and is at a good point to watch

good tech stock

prefer wallmart