Skyworks Solutions Q3 Beat And Raised Guidance Not Good Enough
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Skyworks Solutions Inc (NASDAQ: SKWS) shares are trading lower by $4.51 at $98.61 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 is 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 sellers flooded the issue.
So far, it has reached $98.61 and is attempting to rebound. That was well ahead of Wednesday's low ($96).
Friday's decline is taking place on heavier than average volume. So far, it has traded 7.5 million shares compared to its 20-day average of 4.38 million shares with just under two hours remaining in the session.
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