Wolfspeed, STMmicroelectronics lead chips lower as industry awaits Intel figures
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Wolfspeed (NYSE:WOLF) and STMicroelectronics (NYSE:STM) were among the largest declining semiconductor stocks on Thursday as the industry awaited results from behemoth Intel (NASDAQ:INTC). 
Durham, North Carolina-based Wolfspeed (WOLF) fell more than 18% after it issued weaker-than-expected guidance, citing issues at its Mohawk Valley facility.
Canaccord Genuity analyst George Gianarikas said the delay at the company's "critical" Mohawk Valley facility stems from its inability to ramp its 200mm substrate capacity. The company also lowered its fiscal 2024 revenue guidance as a results.
As such, Gianarikas posited whether silicon carbide might be "too hard or scale" given the continued missteps and wondered whether Tesla (TSLA) was right to question the ability of silicon carbide to meet the demands for electrification of the economy.
"Wolfspeed's stock will continue to be in the penalty box, and patience will be required," Gianarikas wrote in an investor note, while lowering the firm's price target to $72 from $103. 
STMicroelectronics (STM), which competes with Wolfspeed (WOLF) in the silicon carbide space, posted first-quarter results that topped estimates, but its shares fell 8.5% even as it raised its outlook.
The Jean-Marc Chery-led STMicro (STM) earned $1.10 per share as revenues rose 20% year-over-year to $4.25B. Analysts were expecting earnings of 99 cents per share and $4.19B in revenue. 
The company also offered second-quarter and full-year guidance, saying it expects full-year sales to be between $17B and $17.8B. 
Intel (INTC) shares rose around 1% as investors awaited its latest quarterly results which some believe may show signs of a bottoming process in the PC space.
Mobileye (NASDAQ:MBLY), which was spun-off from Intel (INTC) late last year, plunged more than 23% after the advanced driver assistance company cut its full-year outlook, citing the weak Chinese electric vehicle market.
Mobileye (MBLY) now expects revenue for 2023 to be between $2.06B and $2.11B, below the $2.25B analysts were expecting. The company previously guided 2023 revenue to be between $2.19B and $2.28B.
AMD (AMD), which competes with Intel (INTC), rose fractionally as the company said it had fixed issues with its Ryzen 7000 series CPUS.
Semiconductor equipment company KLA Corp. (KLAC) tacked on more than 5.5% as Wall Street analysts speculated that demand for the company's equipment could be "stabilizing."
KLA's competitors, Applied Materials (AMAT), Lam Research (LRCX) and ASML (ASML) rose in sympathy.
Most other semiconductor stocks fell on Thursday, including Texas Instruments (TXN), Qualcomm (QCOM), Broadcom (AVGO) and Analog Devices (ADI). NXP Semiconductors (NXPI), ON Semiconductor (ON) and Microchip Technology (MCHP) also lost ground.
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