Sign Of Life In Semiconductor Sector; Still Down From Last Week

Loading...
Loading...
Semiconductor stocks showed minor signs of life Tuesday after a maker of radio frequency chips for mobile phones said industry trends pushed its results in the recent quarter ahead of expectations. The RF chipmaker Skyworks Solutions Inc.
SWKS
, which sells to the smartphone and tablet markets, said results were driven by "positive underlying market trends" according to Chief Executive David J. Aldrich. But the seimiconductor group continues to struggle after last week's sell off sparked by a profit warnings from Microchip Technology Inc.
MCHP
. Microchip, which counts 80,000 customers, said slowing demand in China hurt sales. The company warned that an "industry correction has begun and that this correction will be seen more broadly across the industry in the near future." Even with a 2 percent pop early Tuesday, the Philadelphia Semiconductor Index is still down 10 percent since last week. Among companies that Skyworks lists as its competitors, Analog Devices, Inc.
ADI
gained 2 percent Tuesday to $44.02 a share, while RF Micro Devices, Inc.
RFMD
opened sharply higher but fell back to $15.40 a share, up 1.3 percent. TriQuint Semiconductor
TQNT
spiked early Tuesday and traded recently at $15.40 a share, up 1.3 percent. Avago Technologies Ltd.
Loading...
Loading...
AVGO
was up 0.8 percent to $69.58, Peregrine Semiconductor Corp.
PSMI
gained 0.3 percent to $12.42 while the NASDAQ Composite Index was up 0.32 percent.
Loading...
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceIntraday UpdateInformation TechnologySemiconductors
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...