Chip Stock Anxieties Revived as Micron Sales View Misses
Photographer: Tomohiro Ohsumi/Bloomberg
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Semiconductor stocks appear poised to extend September’s losing streak on Friday after a disappointing revenue forecast from Micron Technology Inc. is reviving fears about demand.
Micron, the largest U.S. memory chipmaker, sank 5.7 percent in pre-market trading after forecasting fiscal first-quarter sales of $7.9 billion to $8.3 billion. That fell short of the average analyst estimate of $8.45 billion, according to data compiled by Bloomberg. Competitor Western Digital Corp. declined 1.8 percent, while semiconductor equipment suppliers Applied Materials Inc. and Lam Research Corp. fell about 1.5 percent. Industry giants Nvidia Corp. and Intel Corp. slipped 0.4 percent.