“A major Asian chip manufacturer’s weaker than expected guidance for the June quarter is driving technology stocks lower,” Tae Kim reports for CNBC. “”
“Taiwan Semiconductor Manufacturing (TSMC) on Thursday said its revenue forecast range for its second quarter is $7.8 billion to $7.9 billion versus the Wall Street estimate of $8.8 billion,” Kim reports. TSMC’s CFO Lora Ho blamed “continued weak demand from our mobile sector.”
“TSMC is the largest semiconductor foundry company in the world and manufactures chips for leading technology firms such as Apple and Nvidia,” Kim reports. “Apple shares are down 1.4 percent in Thursday’s premarket session, while Nvidia is down 1.4 percent. Taiwan Semiconductor Manufacturing shares fell 4.8 percent.”
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MacDailyNews Take: The stock market is a knee-jerker’s paradise.
Even if a particular data point were factual it would be impossible to accurately interpret the data point as to what it meant for our overall business… There is just an inordinate[ly] long list of things that would make any single data point not a great proxy for what’s going on. Apple CEO Tim Cook, January 23, 2013
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