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) - down 3.93%.
Cirrus Logic Inc. (CRUS) - down 4.87%.
Broadcom Ltd. (AVGO) - down 3.42%.
Lam Research Corp. (LRCX) - down 4.86%.
Applied Materials Inc. (AMAT) - down 4.89%.
Qorvo Inc. (QRVO) - down 2.91%.
Cypress Semiconductor Corp. (CY) - down 4.6%.
Skyworks Solutions Inc. (SWKS) - down 3.94%.
ON Semiconductor Corp. (ON) - down 4.5%.
Taiwan Semiconductor Co. (TSM) - down 2.66%.
Qualcomm Inc. (QCOM) - down 3.43%.