Chip stocks are heading lower on Friday after recent data from a major player spooked investors.
That data comes from Advanced Micro Devices (NASDAQ:AMD) and has to do with its upcoming earnings report. The chip company expects revenue to be $1 billion lower than its already soft estimates for the quarter.
According to AMD, the PC market experienced weakness during the period which explains its lower revenue expectations. And it’s not the only company putting out such a warning. Samsung (OTCMKTS:SSNLF) says it too foresees weak profit as consumers turn away from smartphone and memory chip purchases.
All of this has investors worried that other chip stocks won’t perform well in the coming months. As a result, several of those shares are down today. Let’s get into that below!
Chip Stocks Down on Friday
- Let’s start with AMD, which is currently down 11.2% as of Friday afternoon.
- Next up we have rival chipmaker Nvidia (NASDAQ:NVDA), which is seeing its stock slip 7% as of this writing.
- Finally, Intel (NASDAQ:INTC) closes out our falling chip stocks on Friday with a 4.4% decline this afternoon.
Investors looking for even more stock market news will want to keep reading!
We’ve got all of the hottest stock market coverage that traders need to know about for Friday! A few examples include why shares of Innovative Eyewear (NASDAQ:LUCY) stock are rocketing, what’s going on with Ambac Financial Group (NYSE:AMBC) and the latest on Tilray (NASDAQ:TLRY) stock. You can catch up on all of this news at the following links!
More Friday Stock Market News
- What Is Going on With Innovative Eyewear (LUCY) Stock Today?
- Ambac (AMBC) Stock Rallies on Settlement With Bank of America
- 5 Investors Betting Big on Tilray (TLRY) Stock
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.