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Technology Stocks : Semi Equipment Analysis
SOXX 314.52-0.6%Dec 11 4:00 PM EST
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From: Sam11/15/2018 12:55:34 PM
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Judging by today's trading, it looks like Mr. Market has decided that the selling in Apple and its suppliers has been over done, despite another warning. The ones I track are nicely up for the day. And the SOX is currently up over 2%. I hope that this isn't just a bear market rally. Next week should be revealing, will be nice if there is some follow through. AMAT reports this afternoon.

Another Apple supplier cuts guidance

Nov. 15, 2018 11:31 AM ET|About: Apple Inc. (AAPL)|By: Brandy Betz, SA News Editor

Austria-based 3D imaging supplier AMS becomes the latest Apple ( AAPL +1.8%) supplier to cut its guidance, citing “recent demand changes from a major consumer customer.”

AMS says the “increasing volatility in consumer customers’ demand patterns” isn’t expected to decline.

Earlier this week, RF chip supplier Qorvo ( QRVO +2.2%) cut its quarterly forecast from $800M to $840M (was: $880M to $900M) citing “demand changes for flagship smartphones.”

3D sensing laser supplier Lumentum ( LITE +1.2%) reduced its revenue outlook due to its largest customer requesting to “materially reduce shipments” in the quarter.

High-end LCD screen supplier Japan Display ( OTCPK:JPDYY) expects slower full-year sales growth of 5% to 15% (was: 10% to 20% growth). This year’s iPhone XR has an LCD screen and analysts suspect the device is underperforming in customer demand.

Last week, wireless chipmaker Skyworks Solutions ( SWKS +0.8%) reported downside Q4 guidance due to premium smartphone weakness.

And Apple’s own Q4 report guided for a softer holiday quarter and revealed the company would no longer report unit sales for its devices.

Analyst stances: Longbow, JPMorgan, and noted Apple analyst Ming-Chi Kuo are among those trimming shipment estimates. Guggenheim stepped to the sidelines on AAPL after the supplier cuts. But Morgan Stanley’s Katy Huberty remains bullish on Services potential and sees the cuts as more of a problem for the suppliers.

Previously: Report: Apple shifting iPhone XR orders due to production delays (Sept. 25)

Previously: Analysts push Skyworks to sidelines after weak guidance (Nov. 9)

Previously: Lumentum drops Q2 guide on shipment cut (Nov. 12)

Previously: More bad news for Apple, chip stocks (Nov. 12)

Previously: Analysts negative on iPhone shipments (Nov. 12)

Previously: Apple supplier Qorvo cuts Q3 guidance (Nov. 13)

Previously: Buy Apple on supplier pullback - Morgan Stanley(Nov. 15)


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