Spreadtrum (SPRD -5.4%) and Broadcom (BRCM -5.5%) underperform on an ugly day for chip stocks (SOXX -2.9%) after MediaTek agrees to buy fellow Taiwanese chipmaker MStar for $3.8B. MediaTek and Spreadtrum are fierce competitors in the Chinese mobile baseband chip market, and Broadcom competes with MediaTek in both the baseband and Wi-Fi/Bluetooth "combo chip" markets. MStar also sells plenty of mobile chips, and that could be heightening competitive concerns.
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