Shares of Microchip Technology Inc. MCHP, -1.48% advanced 2.78% to $89.35 Monday, on what proved to be an all-around great trading session for the stock market, with the S&P 500 Index SPX, -0.10% rising 1.38% to 4,791.19 and the Dow Jones Industrial Average DJIA, +0.26% rising 0.98% to 36,302.38. This was the stock’s fourth consecutive day of gains. Microchip Technology Inc. hit a new 52-week high, surpassing its previous peak of $89.04, which the company reached on December 9th.
The stock demonstrated a mixed performance when compared to some of its competitors Monday, as Texas Instruments Inc. TXN, -0.39% rose 2.37% to $191.84, Analog Devices Inc. ADI, -0.62% rose 1.63% to $175.47, and STMicroelectronics N.V. STM, -1.06% rose 3.11% to $50.10. Trading volume (2.3 M) remained 1.8 million below its 50-day average volume of 4.0 M.
MKM Partners' JC O'Hara says a simple strategy of picking the cheapest stocks at the start of the year, and then rebalancing, has been a winner through the years.
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