Skyworks Solutions Q3 Beat And Raised Guidance Not Good Enough

em>Joel Elconin is the co-host of

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Skyworks Solutions

shares are trading lower by $4.00 at $99.12 in Friday's session. Despite a Q3 beat for EPS ($1.34 vs, Est. $1.28) and better sales ($810M vs. Est. $801.21M) coupled with raised guidance for Q4 EPS ($1.51 vs. $1.42) and higher sales ($810M vs. $801.2M), the issue in the red. The solid beat and raised guidance instigated a sharply higher opening ($106.43 vs. Thursday's close of $103.12, but it could only muster another $0.07, to $106.50 before sharply sellers flooded the issue. So far, it has reached $98.05 and is attempting to rebound. That was well ahead of Wednesday's low ($96) Today's decline is taking place on heavier than average volume. So far, it has traded 7.5M shares compared to its 20 day average of 4.38M shares with just under two hours remaining in the session.