Teradyne

Shares of the Market Vectors Semiconductor ETF (NYSE:SMH) are higher by over three percent today on volume that is already close to the daily average after Goldman Sachs issued a bullish research note on the semiconductor sub-sector this morning.In the note entitled "The once every five years Semis matter," Goldman notes the Philadelphia Semiconductor Index "has significantly outperformed the S&P 500 on average only once every five years since 1995. We expect that 2013 will be the once in every five year period that semis matter for this cycle." Goldman's thesis centers around two key points: Lean supply coming out of 2012 and a favorable set-up for the group."We believe semi underperformance in 2012 (-8% vs. S&P) reflects cautious investor positioning, and short interest is now 19% above the 3-yr average. In addition, we believe Street estimates are achievable (2013 Street EPS has been revised down by 14% over the course of 2012, plus our 2013 EPS is 3% above the Street vs. 3% below o...

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