Arm Holdings Plc (NASDAQ:ARM) shares are trading lower Wednesday in sympathy with ASML Holding N.V. (NASDAQ:ASML) which reported worse-than-expected first-quarter results.
The Details:
ASML reported its first-quarter financial results before the market open Wednesday. The company reported earnings of $3.38 which missed the $3.43 per share estimate and sales of $5.75 billion which missed the $6.13 billion analyst estimate.
Shares of semiconductor companies have been trading lower amid overall market weakness and reports suggesting China has told telecom carriers to phase out foreign chips. Arm shares are down more than 12% over the past five days.
However, Evercore ISI Group analyst Mark Lipacis initiated coverage on Arm with an Outperform rating and a price ...