Shares in STMicroelectronics are down 6% after its sales growth view missed market expectations.

STMicro expects Q4 revenue to rise to $3.28 billion, while analysts expected higher Q4 revenue of $3.34 billion according to LSEG data.

"The sales momentum is below expectations," Jefferies analysts say in a note.

"The sales guidance confirms what the market heard from Texas Instruments that though the industry is in an up-cycle, the up-cycle is very muted," J.P.Morgan writes.