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Taiwan Semiconductor (
TSM) delivered strong numbers in this morning's second-quarter release, investors are having any of it. That's because that earnings beat came with big concerns about guidance -- including the possibility that inventories could start backing up for TSM later this year. With weakness in semiconductor stocks still fresh in investors' minds, shares are off 8% today.
From a technical standpoint, there's still some room for TSM to fall before it reaches support at $16.25. That level has been a pretty strong price floor for shares in the past, and I'd expect that to continue to be the case.
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-- Written by Jonas Elmerraji in Baltimore.
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