Canada Markets closed

Why Micron, Applied Materials, and Skyworks Solutions Stocks Plunged Today

·4 min read

Shares of chipmaking companies Micron Technology (NASDAQ: MU), Applied Materials (NASDAQ: AMAT), and Skyworks Solutions (NASDAQ: SWKS) plunged on Tuesday, down 4.8%, 9.1%, and 5.4%, respectively, as of 2:27 p.m. ET. Then this morning, Micron followed up with its own pre-report guidance cut. This was perhaps even more concerning, since Micron had already issued very soft guidance on its prior earnings call just one month ago.