Why Texas Instruments, Micron Technology, and Navitas Semiconductor Fell Today
Shares of semiconductor stocks Texas Instruments (NASDAQ: TXN), Micron Technology (NASDAQ: MU), and Navitas Semiconductor Corporation (NASDAQ: NVTS) fell more than the market in Wednesday trading, finishing down 3.6%, 3.5%, and 10.8%, respectively.
While none of these three companies had significant news items today, earnings from large-cap semiconductor peer Analog Devices (NASDAQ: ADI) provided a hint of caution. Given that Analog is considered perhaps the most defensive of semiconductor stocks, even a small bit of softening in its outlook was enough to send the whole sector down after its recent one-month rally.
At first glance, one might wonder what, exactly, the problem is. After all, Analog Devices reported strong 77% revenue growth and adjusted (non-GAAP) EPS growth of 47% to $2.52, with both figures beating expectations. Not only that, but the company also guided for sequential growth that was also above analysts' expectations.
Source Fool.com
