Semis Ratchet Higher on Intel Earnings (SMH) (INTC)

Semiconductor stocks are moving higher in early trading on Wednesday, with shares of Intel (NASDAQ: INTC), Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) and ASML Holding NV (Nasdaq: ASML) all moving higher.

Intel reported earnings after the close yesterday, and despite what some say are lukewarm results, shares of Intel traded higher. Analyst Doug Freedman of RBS, who has an Outperform rating on Intel, said the results were "better than feared", and that may sum up general sentiment regarding INTC results and for expectation in the space.

As many expected, Intel highlighted macro weakness impacting PC shipments in Asia, Western Europe and North America during a conference call. Like other semiconductor stocks, shares of Intel traded significantly lower in past 30 days, and today's move higher could simply be a relief rally. On the other hand there is a possibility that this is a true turn for stocks in this sector.

Market Vectors Semiconductor ETF (NYSE: SMH) is higher by 2.9 percent intraday on Wednesday, paring monthly losses.

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