Chip stocks fall as fears of impact from fast-spreading virus rise

International Combustion (India)

24/02/2020 13:36

** Chip stocks falls premarket on fears of
bigger-than-expected economic impact of coronavirus as number of
cases outside China surge
    ** Shares of chipmakers Advanced Micro Devices  AMD.O ,
Micron Technology  MU.O , Qualcomm Inc  QCOM.O , Broadcom Inc
 AVGO.O , Nvidia Corp  NVDA.O , Intel Corp  INTC.O , Marvell
Technology Group  MRVL.O , Qorvo Inc  QRVO.O , Skyworks
Solutions Inc  SWKS.O  drop between 2.9% and 7.09% premarket 
    ** Chip equipment makers Applied Materials Inc  AMAT.O , Lam
Research Corp  LRCX.O  drop between 3.13% and 4.42% premarket
    ** "We believe investors had underestimated the impact on
supply in China and now are concerned about additional demand
destruction not only in China but also potentially other
countries as well," says Kinngai Chan, Summit Insights analyst
    ** The surge of cases outside China triggered steep losses
in global share markets and Wall Street stock futures as
investors fled to safe-haven assets  urn:newsml:reuters.com:*:nL3N2AO07M

 (Reporting by Amal S in Bengaluru)
 ((Amal.S@thomsonreuters.com; within U.S.+1 646 223 8780;
outside U.S. +91 80 6749 3677;))