Stock Track | Microchip Technology Plunges 5.33% in Pre-Market on Weak Q4 Profit Forecast
Stock Track
Feb 06
Microchip Technology's stock experienced a significant pre-market plunge of 5.33% on Friday, reflecting heightened investor concern.
The sharp decline follows the chipmaker's forecast for its fourth-quarter profit, which fell below Wall Street estimates. This disappointing guidance has raised concerns about the ongoing impact of a memory supply crunch on the semiconductor industry, prompting a sell-off in the shares during pre-market trading.
While several analysts adjusted their price targets on the company throughout the morning, the primary driver of the negative sentiment appears to be the weaker-than-expected profit outlook.
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