- Semiconductors slump heading towards today’s close after ON Semiconductor’s (ON -4%) earnings report and news that Qualcomm (QCOM -5.8%) has a final offer from Broadcom (AVGO -1.4%) and could miss out on supplying the next iPhone.
- Morgan Stanley (NYSE:MS) was also out with a note that downgraded the tech sector and said chip stocks are at risk from poor iPhone sales and rising inventory levels.
- The Philadelphia Semiconductor Index is down 2.6%.
- Other semiconductor shares on the move: Advanced Micro Devices (AMD -8%), Cypress Semiconductor (CY -7.4%), Maxim Integrated (MXIM -2.3%), Teradyne (TER -1.9%), Lam Research (LRCX -3%), STMicroelectronics (STM -1.1%), Xilinx (XLNX -3.6%), ASML (ASML -2.3%), Micron (MU -2%), Analog Devices (ADI -2.6%), Cirrus Logic (CRUS -3.1%), Seagate Technology (STX -2.6%).
- Semiconductor ETFs: SOXL, SOXX, SMH, USD, PSI, XSD, SOXS, SSG, FTXL, XTH
- Previously: ON Semiconductor reports Q4 beats, upside guidance (Feb. 5)
- Previously: Broadcom confirms $82 per share offer for Qualcomm (Feb. 5)
- Previously: Apple (NASDAQ:AAPL) supplier optimistic on iPhone 8 demand; Intel (NASDAQ:INTC) replacing Qualcomm modems? (Feb. 5)
- Previously: Not ready to buy dip, Morgan Stanley downgrades tech, boosts utilities (Feb. 5)
- Previously: Morgan Stanley: RF chip stocks feel pressure from weak iPhone sales (update) (Feb. 5)
- Now read: 3 Reasons To Buy Lam Research
Original article