Ok, only Qorvo is a direct competitor, but these are chip stocks from the other day…
Among the chip stocks active in the stock market today, Cavium (NASDAQ:CAVM) jumped 6% after bouncing back from earlier losses. But the stock faces resistance at its 50-day moving average. Late Wednesday, the chip designer posted adjusted Q2 earnings of 41 cents a share, up 17% from a year ago, and matched views. Sales, which topped views, rose 16% to $105 million. But both gains were the smallest in many quarters. Shares were off more than 4% intraday.
NXP Semiconductors (NASDAQ:NXPI) rallied 6%, putting it on pace for a third straight gain after finding support at its 200-day line Tuesday. Late Wednesday, the Dutch firm Q2 earnings of $1.44 a share, up 32% from a year ago. It beat expectations by 6 cents.
But one chip issue wasn’t having such a good day. Qorvo (NASDAQ:QRVO) gapped below its 200-day line and plunged as much as 19% on disappointing guidance. It has since trimmed its loss to 14%