Skyworks Solutions Inc SWKS shares are trading lower by 7.4% to $98.28 during Thursday's session. Semiconductor and chip stocks have dropped amid tech sector weakness, fueled by rate hike concerns post-U.S. jobs data. China's iPhone crackdown and Huawei's 5G Kirin 9000s chip-powered smartphone have added pressure to several sector stocks.
Skyworks Solutions is a supplier to Apple and provides semiconductor components for iPhones. A ban on iPhones within sensitive Chinese government sectors could raise concerns about Apple's sales and demand for its products in China.
As a result, Skyworks Solutions, being a key supplier, might experience a decrease in orders and revenue.
What You Need To Know
China's move against the U.S. to broaden its ban on iPhones in sensitive departments encompassing government-backed agencies and state companies signaled increasing difficulties for Apple Inc in its largest foreign market and global production hub. The ban comes on the heels of Apple's latest iPhone model launch.
This move comes amid Beijing's efforts to reduce reliance on American technology, further fueled by the U.S. sanctions on China over semiconductor technology and efforts to reduce supply chain dependence on China...Read More
According to data from Benzinga Pro, SWKS has a 52-week high of $123.69 and a 52-week low of $76.16.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
