Shares of semiconductor makers suffered in broad selloff in premarket trade Friday, after Broadcom Inc.'s (AVGO) mixed fiscal second-quarter results and lowered full-year outlook raised concerns that a second-half rebound in demand ( ) would not occur as expected. Broadcom's stock tumbled 10.2% ahead of the open, after the company reported results late Thursday. That put the stock on track to suffer its biggest one-day drop since it plummeted 13.7% on July 12, 2018 ( ). All 22 of the PHLX Semiconductor Index's components that have traded in the premarket are losing ground, with 18 of those trading shedding more than 2%. Among the more active shares in the early going, Advanced Micro Devices Inc. (AMD) dropped 3.3%, Intel Corp. (INTC) shed 1.8%, Micron Technology Inc. (MU) fell 3.5%, Nvidia Corp. (NVDA) lost 2.8% and Qualcomm Inc. (QCOM) gave up 2.5%. The chip-sector selloff comes as futures the S&P 500 shed 0.3%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 14, 2019 07:37 ET (11:37 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.