Chip Stocks Down After Broadcom Cuts Revenue Forecast
Reuters reports U.S. stocks ended lower on Friday as investors were cautious going into next week’s Federal Reserve meeting.
At the same time, a warning from Broadcom of a broad weakening in global demand weighed on chipmakers and added to U.S.-China trade worries.
Shares of Broadcom Inc fell 5.6% after it cut its full-year revenue forecast by $2 billion.
The company blames the U.S.-China trade conflict and export curbs on Huawei Technologies.