Refile: BUZZ-Soitec, Besi shares dragged by peers Melexis, Qorvo morose updates

ASMPT

30/10/2024 11:19

(Deletes extraneous words in 7th bullet)
    ** European tech firms incl chipmakers drop, with analysts
noting negative read-across from updates by Belgium's Melexis
 MLXS.BR  and US's Qorvo  QRVO.O  and AMD  AMD.O 
    ** Pan-European STOXX tech index  .SX8P  falls 1.7%, leading
sectoral losses on the wider STOXX 600  .STOXX  index, which is
down 0.86%
    ** Besi  BESI.AS  falls 3.2%, most among Amsterdam blue
chips  .AEX , while Soitec  SOIT.PA  slides 3.7%, among worst
performers on France's SBF120  .SBF120 
    ** Chipmakers Infineon  IFXGn.DE  and STMicro  STMPA.PA 
fall around 3%, while Swiss sensor maker ams OSRAM  AMS2.VI  and
German chip materials supplier Siltronic  WAFGn.DE  down 3.6%
and 2.3%, respectively
    ** Melexis  MLXS.BR , which mainly serves auto customers,
expects lower Q4 sales as carmakers temporarily cut inventories
    ** Qorvo forecasts below-expectations Q3 sales due to stiff
competition and consumer shift towards entry-tier smartphones
    ** AMD's revenue forecast did not impress investors looking
for a bigger windfall from the AI boom
    ** "AMD failed to impress. This should weigh on chip names
especially with some AI fantasy," a local trader says
    ** "Besi is typically 30%-40% smartphone-related rev, so
(Qorvo's update signals) ongoing delays to the recovery of the
mainstream assembly market," Sara Russo from Bernstein says
    ** Adds peer ASMPT  0522.HK  holds a similar outlook to Besi
    ** Trion Reid from Berenberg also points out Besi and
Soitec's exposure to cars, though lower than Melexis

 (Reporting by Dagmarah Mackos and Ozan Ergenay, writing by
Piotr Lipinski)
 ((piotr.lipinski@tr.com))