After Apple Inc. (AAPL) reported fiscal second-quarter earnings that quieted fears on Wall Street, shares of chipmakers traded mixed Wednesday, May 2.
Apple CEO Tim Cook said in the tech titan's financial update that the company sold 52.2 million iPhones during the three months ended March 31, falling in line with analysts' expectations and raking in $38 billion in revenue. Prior to Apple's optimistic report - which included strong outlooks for revenue and margins - some market-watchers had been concerned that waning demand for smartphones including Apple's iPhone might weigh on the chipmakers which supply parts to the devices.
Early trading Wednesday illustrated semiconductor stock sentiment that remains mixed but more optimistic than last week, when the sector weathered broad-based losses.
The Philadelphia Semiconductor Index (SOX) was higher 0.1%. The VanEck Vectors Semiconductor ETF (SMH) fell 0.25% Wednesday after tallying a 1.61% gain the previous trading session.
Among major chipmakers, Intel Corp. (INTC) was down 1.13% in early trading. Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) shed 2.54%, Broadcom Ltd. (AVGO) dipped 0.67%, Analog Devices Inc. (ADI) fell 0.24% and Micron Technology Inc. (MU) fell 0.92%.