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From: Sam2/5/2018 3:54:13 PM
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Chip stocks are at risk because Apple made too many iPhones: Morgan Stanley
    Morgan Stanley predicts Apple's suppliers will suffer from high iPhone inventories.
    "Disappointing iPhone units combined with an inventory overbuild should continue to have a pronounced impact on Apple suppliers and the smartphone segment more broadly," the firm's semiconductor analyst writes.
Tae Kim | @firstadopter
Published 4 Hours Ago Updated 2 Hours Ago

Morgan Stanley believes Apple's poor iPhone sales results and rising inventory levels are bad news for the industry's chip suppliers.

The smartphone maker reported weaker-than-expected December-quarter iPhone unit sales Thursday. The company also gave a lower-than-expected revenue forecast for the March quarter.

"Disappointing iPhone units combined with an inventory overbuild should continue to have a pronounced impact on Apple suppliers and the smartphone segment more broadly," Morgan Stanley semiconductor analyst Joseph Moore wrote in a note to clients Monday entitled "iPhone weakness is driving a sharp inventory correction." "We remain cautious on Skyworks Solutions, and see some risks to the broader semis cycle."

continues at cnbc.com
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