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Technology Stocks : Semi Equipment Analysis
SOXX 249.78-1.0%Jun 21 4:00 PM EDT

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From: Sam4/28/2022 8:43:50 AM
1 Recommendation   of 92545
 
Chip stocks get a shot in the arm after upbeat Qualcomm forecast






Reuters April 28, 2022 07:13:00 AM ET

** Shares of U.S. chipmakers and chip equipment makers jump as Qualcomm Inc forecast Q3 revenue above expectations after beating second-quarter revenue and profit estimates on Wednesday

** QCOM shares rose 7.2%, while shares of Intel Corp , Broadcom Inc and Advanced Micro Devices rose between 1.4% and 2.9%

** Nvidia Corp, Micron Tech and ON Semiconductor added between 2.6% and 3.4%

** QCOM's positive results and outlook were largely due to its move to focus on a growing non-handset business to cushion a likely hit from slowing smartphone demand

** The Philadelphia SE Semiconductor index is down over 26% this year as industry-wide shortages of chips disrupted production in automotive and electronics industries, forcing some firms to scale back production

** The chip index is headed for its first yearly decline in four
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