www.marketwatch.com/story/...-2020-04-23?mod=newsviewer_click
....“Headwinds include the impact of a global recession on [the Internet of Things business] and other markets, particularly industrial and retail, lower automotive production impacting Mobileye and slowing enterprise and government data-center demand,” he said.
In after-hours trading, shares of Intel fell more than 5%, and other chip stocks, including Advanced Micro Devices Inc. AMD, -0.03% , Microchip Technology Inc. MCHP, -0.29% and Applied Materials Inc. AMAT, -2.32% , declined more than 2%. Chip stocks had been outperforming the broader market so far this year: Intel’s shares are down just 1.4% this year and the PHLX Semiconductor Index SOX, -1.03% has declined 9.1%, compared to the S&P 500’s SPX, -0.05% steeper year-to-date decline of 13.4%.
The world’s largest semiconductor maker did not really tell investors anything they were not already expecting, and kept its comments vague enough about the second half. Stacy Rasgon, a Bernstein Research analyst, had also expected demand to continue into the second quarter.
Both Intel and Texas Instruments Inc. TXN, -1.35% , which reported earnings Tuesday, mentioned, respectively, they were “already seeing the impact of a recession” and that “we will approach a likely significant recession” in their conference calls....