Afternoon update
Semtech fell after its revenue outlook spooked investors as markets rotated out of tech amid AI financing and inflation concerns.
Semtech's investor-day outlook is driving one of the largest moves of the October 15 afternoon session.
All figures are intraday as of 2:03 p.m. ET.
- SMTC is down 14.07% after its fiscal 2030 revenue outlook of $3.2B, mostly driven by data center and LoRa, spooked investors. This is guidance, not reported revenue. Across 9 drops of 14% or more in 19.8 years, 88% of 8 completed 1-year observations were positive.
- ERIC is up 9.74% after sales and profits beat expectations on core networks and Japan and India projects. Analysts saw fourth-quarter gross-margin guidance as strong. The company expects component costs to pressure margins next year.
- DELL is down 8.74% after a Barclays downgrade citing lagging enterprise AI adoption. Across 21 drops of 8% or more in 10.1 years, 74% of 19 completed 1-month observations were positive.
- The S&P 500 is up 0.18% and the Nasdaq Composite is down 0.24%. Same-day reporting describes rotation out of tech amid AI financing and inflation concerns.
- Curated baskets: health care up 2.39% , software up 2.95% and consumer discretionary up 2.51% . Semiconductors are down 1.83% and energy is down 1.22% .
Breadth is split, with health care, software and consumer discretionary baskets higher while semiconductors and energy lag.
Not financial advice. For informational and educational purposes only.
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