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Highly Leveraged Chip Stocks Sell Off on Refinance Worries

September 22, 2008
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

It’s been a rough day for highly-leveraged semiconductor stocks.

In a research note this morning, Citigroup’s Glen Yeung provided a review of the credit liabilities of the chip companies Citi has under coverage. He notes that Advance Micro Devices (AMD), Spansion (SPSN), Infineon (IFX) and Qimonda (QI) all have debt coming due in the next 15 months. “In each instance, we point out that an already difficult financial position is compromised by the current credit market,” Yeung noted.

He also noted that AMD, MU and QI also rank among the chip companies with the worst interest coverage ratio.

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