Apple suppliers, Nasdaq futures sell off AH

Apple suppliers aren't responding well to the tech giant's FQ1 report. Though Apple beat estimates on the back of higher iPhone ASPs (the result of a mix shift towards the 5S), iPhone units (51M) fell short of Street expectations (56M-57M), and the company's FQ2 revenue guidance is below consensus.

Unsurprisingly Cirrus Logic (CRUS) is the biggest decliner: its shares are down 6.7% AH. Other decliners: QCOM -1.6%. BRCM -2.3%. SWKS -2.9%. AVGO -1%. TQNT -3.4%.

Cirrus, believed to get over 70% of its sales from Apple, reports tomorrow. Qualcomm reports on Wednesday, and Broadcom on Thursday.

Nasdaq-100 (QQQ) futures are down 0.8% in response to Apple's numbers.

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Comments (13)
  • Philip Marlowe
    , contributor
    Comments (1582) | Send Message
    SWKS already reported excellent results and outlook, so the sell-off in their shares is pretty stupid.
    27 Jan 2014, 07:19 PM Reply Like
  • Humble Eagles
    , contributor
    Comments (2751) | Send Message
    I took some profits because I was afraid Apple might drag them down. I think we should have read the PR today as a statement for diversifying their business base. Might jump back in if it drops irresistibly.
    27 Jan 2014, 08:02 PM Reply Like
  • Stock Market Mike
    , contributor
    Comments (3658) | Send Message
    Good call. SWKS seems like a good buy&hold play - their guidance for the next year is really good... analysts figure we'll see $40. I noticed they almost always beat&raise, so I played them with calls last release - if they dip further thanks to AAPL, I'll consider taking a long position.
    27 Jan 2014, 09:36 PM Reply Like
  • Island_Dweller
    , contributor
    Comments (649) | Send Message
    Record sales of iphones and CRUS gets hammered to the tune of 7%. Logic be damned as expectations overshadow all.
    27 Jan 2014, 07:29 PM Reply Like
  • Sultan23
    , contributor
    Comments (2) | Send Message
    27 Jan 2014, 07:38 PM Reply Like
  • thealct
    , contributor
    Comments (195) | Send Message
    Being a long and now LONGER..... must say the results were stellar but Tim is not the person to lead Apple. It is getting evident that Cook is just another refined version of Ballmer. We need product(s) now !!! Where is the vision. all Cook/Oppenheimer can think of are YOY metrics on a conf call? Totally frustrated
    27 Jan 2014, 07:45 PM Reply Like
  • BostonRob
    , contributor
    Comments (24) | Send Message
    The sell off is an over reaction - the market is still the best place to invest your money. Apple has one of the best brands in the world. Wait until the China mobile deals gets into full swing and Carl Ichan convinces them to use some of their cash hoard to increase shareholder value. The Apple stock sb north of $600 a share.
    27 Jan 2014, 07:47 PM Reply Like
  • chopchop0
    , contributor
    Comments (5200) | Send Message
    unless the fall in units continues to show that AAPL is in a commodity business
    27 Jan 2014, 08:17 PM Reply Like
  • Stone Fox Capital
    , contributor
    Comments (9904) | Send Message
    more nonsense... solid numbers from AAPL.
    27 Jan 2014, 08:49 PM Reply Like
  • Ashraf Eassa
    , contributor
    Comments (9713) | Send Message
    They missed expectations on FQ2 guide.
    27 Jan 2014, 09:06 PM Reply Like
  • abdullah999
    , contributor
    Comments (896) | Send Message
    Apple's valuation is a joke. If it opens 8% down tomorrow, it will have an EV of $315 billion on $45 billion of trailing free cash flow. That's a EV / FCF yield of 14.3%...strong sell?
    28 Jan 2014, 12:10 AM Reply Like
  • kultar
    , contributor
    Comment (1) | Send Message
    Completely illogical reaction .
    28 Jan 2014, 01:20 AM Reply Like
  • Alphauser12
    , contributor
    Comments (24) | Send Message
    May be every one short on AAPL, or writing calls, if the market cap not big enough may be a squeeze in play.
    28 Jan 2014, 01:50 AM Reply Like
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