Why Broadcom, Qualcomm, and Advanced Micro Devices Plunged Today
Shares of leading chipmakers Broadcom (NASDAQ: AVGO), (NASDAQ: QCOM), and Advanced Micro Devices (NASDAQ: AMD) were plunging today, down 3.5%, 4.2%, and 5.5%, respectively, as of 3:57 p.m. ET.
There was a near-perfect storm of headwinds for chip stocks today, with numerous negative data points. These include analysts issuing a negative note specifically on AMD heading into earnings and another analyst note warning of tepid sales of the new iPhone, which would affect iPhone suppliers Qualcomm and Broadcom.
In addition, semiconductor industry bellwether Texas Instruments (NASDAQ: TXN) issued fairly negative guidance in its earnings release last night, and California suspended the license for self-driving car company Cruise, owned by General Motors, after an accident. These two data points cast a pall over anything concerning smart vehicles and Internet of Things (IoT) technology, including Qualcomm, among others.
Source Fool.com
Qualcomm Inc. Stock
The stock is one of the favorites of our community with 47 Buy predictions and 2 Sell predictions.
With a target price of 178 € there is a slightly positive potential of 12.3% for Qualcomm Inc. compared to the current price of 158.5 €.
