Micron, Wolfspeed, ON lead chips lower as sector awaits Broadcom results
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Micron Technology (NASDAQ:MU), Wolfspeed (NYSE:WOLF) and ON Semiconductor (NASDAQ:ON) were among the largest declining stocks in the semiconductor sector on Thursday as the industry awaited first-quarter results from Broadcom (NASDAQ:AVGO).
Wolfspeed (WOLF) fell nearly 10%, while ON Semiconductor (ON) dropped more than 5% after Tesla (TSLA) said it had found a way to include less silicon carbide in its vehicles.
However, investment firm Roth MKM said that while Tesla's (TSLA) announcement would weigh on silicon carbide companies, including Wolfspeed (WOLF) stock, there is a "good chance" the claims may not materialize or the entire silicon carbide industry benefits. 
STMicro (STM), which also produces silicon carbide, saw its shares fall more than 4% at mid-day.
Micron Technology (MU) shares fell nearly 4.5% on Thursday - its 10th decline in the past 11 trading sessions - after Wells Fargo noted the company said at a recent fireside chat that inventory write downs would likely occur when it reports fiscal second-quarter results, potentially impacting its book value. 
Broadcom (AVGO) shares fell fractionally on Thursday ahead of its first-quarter report. Analysts expect the communication chipmaker to earn $10.17 per share and generate $8.9B in revenue. 
Investment firm Raymond James resumed coverage on a number of chip stocks on Thursday. 
AMD (AMD) and Nvidia (NVDA) shares fell 1.5% and 0.1%, respectively even as the firm slapped strong buy ratings on the pair. 
Raymond James also gave outperform ratings to Intel (INTC), Marvell Technology (MRVL), Micron (MU), Qorvo (QRVO) and Western Digital (WDC). Broadcom (AVGO), Qualcomm (QCOM), Skyworks Solutions (SWKS) received market perform ratings, while ON (ON) was cut to market perform. 
Last month, Goldman Sachs listed Wolfspeed (WOLF) among its favorite stocks for clients to own.