The major indexes took a beating on the stock market today, with top-rated chipmakers among the biggest losers. The Philadelphia Semiconductor Index dropped hard, falling 4.6% to close below the 50-day moving average. Several notable chipmakers took substantial hits, including Ambarella (AMBA), best known for being a GoPro (GPRO) chip supplier. Three Apple (AAPL) iPhone chip suppliers — Avago Technologies (AVGO), Skyworks Solutions (SWKS) and NXP
Radio-frequency chipmakers Avago Technologies (AVGO) and Qorvo got upgrades and price target hikes Monday on growth potential from the China-driven 4G LTE rollout. Equity research firm D.A. Davidson analyst Thomas Diffely upgraded both Avago and Qorvo (QRVO) to buy from neutral in research reports Monday. He also hiked Avago’s price target to 150 from 125, and Oorvo’s to 100 from 70. “While we estimate the 4G LTE device market in China grew from
Two highly ranked IBD 50 stocks are surging to new record highs Thursday on bullish earnings reports. Generic-drug maker Akorn (AKRX) reported earnings that jumped 257%, its fifth straight quarter of faster growth. Sales climbed 168%. Both topped analyst expectations, and so did its guidance. Avago Technologies (AVGO) late Wednesday reported earnings that soared 149% to top views, while sales increased 131%. It was the Apple (AAPL) chip supplier’s