Lam Research Rising on Heavy Volume

Shares of Lam Research Corp. LRCX are rising on heavy volume Tuesday. The stock has gained 4.22% to $36.33. Around 3.4 million LRCX shares have already traded on the day compared to a 3-month daily average of just over 3 million. This move could have legs as LRCX shares have fallen precipitously over the last week from above the $42.00 level and appear oversold in the near-term. The stock is close to taking out its highs from last Friday in the $36.50 range, and if this level is broken to the upside it could run for a couple of more percentage points into the afternoon. Lam Research Corporation (Lam Research) is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry. Lam Research designs, manufactures, markets, refurbish, and services semiconductor processing equipment used in the fabrication of integrated circuits. Traders who want to stay up to date on all of the latest stock market movers can get a free trial to Benzinga's realtime news feed, Benzinga Pro, here.