Chip Stocks Higher Midday Despite Lowered Guidance


Chip Stocks Higher Midday Despite Lowered Guidance – Apple (NASDAQ:AAPL) supplier Skyworks Solutions and other chip companies jumped in midday trading on Wednesday, despite concerns over production supplies.

Skyworks lowered its first-quarter revenue guidance to $970 million from a range of $1 billion to $1.02 billion, just a few days after Apple lowered its quarterly revenue guidance.

“First fiscal quarter results were impacted by unit weakness across our largest smartphone customers,” said Liam K. Griffin, president and chief executive officer of Skyworks, in a statement.

Still, Skyworks (NASDAQ:SWKS) increased 2.3%, as easing trade tensions between the U.S. and China helped boost the sector and much of the downside may have already been baked into shares following Apple’s warning.

Meanwhile, Micron Technology (NASDAQ:MU) jumped 5% after Bernstein upgraded it to outperform from market perform and Advanced Micro Devices (NASDAQ:AMD) inched up 0.07%.

Intel (NASDAQ:INTC) rose 0.4% and Microsoft (NASDAQ:MSFT) was up 0.8%.

The S&P 500 Information Technology sector gained 0.7%.

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