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Technology Stocks : Semi Equipment Analysis

SOXX 312.18

-0.2%

Dec 9 4:00 PM EST

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To: Return to Sender who wrote (84688)	3/2/2020 4:50:31 PM
From: Sam	1 Recommendation Recommended By Return to Sender of 95541

Microchip Tech pulls outlook because of coronavirus slowdown Microchip Technology Inc. MCHP, -2.44% said late Monday it was pulling its guidance because of interruptions from the COVID-19 coronavirus. Microchip shares fell 1.3% after hours, following a 5% rise to finish the regular session at $95.22. Microchip had forecast fiscal fourth-quarter earnings of $1.35 to $1.51 a share, and analysts surveyed by FactSet are looking for $1.42 a share. In a statement, Microchip said "we see very weak demand in Asia, especially in China, driven by the COVID-19 fears, and customers returning to work at a slower pace than anticipated," adding that its "supply chain is also returning to normal operations at a slower pace than we anticipated." Rather than a forecast 2% to 9% sequential rise in revenue for the fourth quarter, the company forecast flat revenue growth and withdrew its earnings per share forecast. Analysts had forecast 4.9% sequential revenue growth to $1.35 billion. marketwatch.com

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