Dialog Semiconductor Drops on Weak Apple Sales: Frankfurt Mover
Dialog Semiconductor Plc (DLG), a maker of chips used in Apple Inc. (AAPL)’s iPhone, slumped in German trading after the company, its biggest customer, reported the weakest sales growth in 14 quarters and forecast second-quarter revenue that fell short of analyst estimates.
Dialog, based in Kirchheim, Germany, fell as much as 5.5 percent, making it the largest decliner in the HDAX Index (HDAX) of 110 most highly capitalized stocks traded on the Frankfurt exchange. Volume was 62 percent of the three-month daily average after 24 minutes of trading.
The German supplier depends on Cupertino, California-based Apple for 37 percent of its revenue, data compiled by Bloomberg show. Of 18 analysts that rate the stock, 10 have buy recommendations and six advise holding Dialog shares. Two analysts recommend that investors sell, according to data compiled by Bloomberg.
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