| SAN FRANCISCO
SAN FRANCISCO Oct 23 Shares of semiconductor
companies slumped on Wednesday after a host of underwhelming
quarterly revenue forecasts left Wall Street concerned about
lackluster demand in markets from industrial to smartphones.
The Philadelphia Semiconductor Index was down 3.3
percent, with PC chipmaker Intel Corp falling 1.7
percent and mobile heavyweight Qualcomm Inc down 2.1
percent. Most other big U.S. chipmakers also trading lower.
The selloff came after Broadcom Corp, programmable
chipmaker Altera Corp and radio frequency chipmaker RF
Micro Devices Inc late on Tuesday joined Intel and
Texas Instruments Inc on a growing list of semiconductor
companies whose quarterly forecasts disappointed investors.
"It's a broad array of leading indicators for different
parts of the chip market telling us we got ahead of ourselves in
terms of where we thought global macro demand was going to be in
the fourth quarter," said Evercore analyst Patrick Wang.