Qorvo (QRVO) stock dipped Monday on Wall Street — partially reversing Friday’s 23% meteoric rise — after one analyst worried that slowing Apple (AAPL) and Samsung smartphone sales could cripple the chipmaker’s fiscal Q3 and Q4 revenue. Across the board, Apple chip suppliers were largely down Monday with major indexes. The S&P 500, Dow Jones industrial average and Nasdaq all dipped more than 1%. Qorvo stock suffered the worst among Apple chip
As Chinese negotiations continue to pummel Apple (AAPL) chip supplier Qualcomm (QCOM), another investment bank slashed its price target on the stock — at least the seventh to do so in a week. Last week, Qualcomm reported an 18% dip in September-quarter (fiscal Q4) sales to $5.5 billion and 91 cents earnings per share ex items, down 25% vs. the year-earlier quarter. The company also issued December-quarter guidance that missed Wall Street views.
Capital spending by Apple (AAPL) and various Internet giants pushing into cloud computing tailed off in the September quarter, but Facebook’s spending surged, says Goldman Sachs. Apple’s September-quarter (fiscal Q4 2015) capital spending slipped 6% from the year-earlier quarter to $3.43 billion, but capital spending by Facebook (FB) surged 62% to $780 million. “Capex was weaker than expected at the major spenders — Amazon.com (AMZN), Apple,