Broadcom stock's 10% premarket drop triggers wider selloff in the chip sector
Shares of semiconductor makers suffered in broad selloff in premarket trade Friday, after Broadcom Inc.'s AVGO, +0.67% 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.
shed 1.8%, Micron Technology Inc. MU, +1.27% fell 3.5%, Nvidia Corp. lost 2.8% and Qualcomm Inc. gave up 2.5%. The chip-sector selloff comes as futures ESM19, -0.27% the S&P 500 SPX, +0.41% shed 0.3%.
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