Semiconductor Stock Selloff Adds to Monday's Market Woes
When it rains it pours and news that Apple Inc. (AAPL) - Get Apple Inc. Reportis cutting ties with Intel Corp. (INTC) - Get Intel Corporation Report as a chip supplier has the entire semiconductor sector looking for shelter.
Bloomberg reported that Action Alerts Plus holding Apple will move on from Intel as a chip supplier for its Mac computers in favor of an in-house model that they produce. The report sent Intel tumbling 9%, its biggest one day drop in nearly two years.
But, Intel wasn't the only security to suffer on the news, the PHLX Semiconductor Sector ETF dropped 4.1% as semiconductor stocks across the board felt the reverberation from Apple's reported moves.
Micron Technology (MU) - Get Micron Technology Inc. Report - down 3.93%.
Cirrus Logic Inc. (CRUS) - Get Cirrus Logic Inc. Report - down 4.87%.
Broadcom Ltd. (AVGO) - Get Broadcom Inc. Report - down 3.42%.
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Lam Research Corp. (LRCX) - Get Lam Research Corporation Report - down 4.86%.
Applied Materials Inc. (AMAT) - Get Applied Materials Inc. Report - down 4.89%.
Qorvo Inc. (QRVO) - Get Qorvo Inc. Report - down 2.91%.
Cypress Semiconductor Corp. (CY) - Get Cypress Semiconductor Corporation Report - down 4.6%.
Skyworks Solutions Inc. (SWKS) - Get Skyworks Solutions Inc. Report - down 3.94%.
ON Semiconductor Corp. (ON) - Get ON Semiconductor Corporation Report - down 4.5%.
Taiwan Semiconductor Co. (TSM) - Get Taiwan Semiconductor Manufacturing Company Ltd. Report - down 2.66%.
Qualcomm Inc. (QCOM) - Get QUALCOMM Incorporated Report - down 3.43%.
