Chip stocks mostly lower amid slew of earnings reports
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Semiconductor stocks were modestly lower in late trading on Friday amid a slew of earnings reports from the industry.
Chip equipment maker Applied Optoelectronics (NASDAQ:AAOI) shares surged more than 61% after it reported second-quarter results and provided a third-quarter revenue forecast that topped estimates.
That forecast prompted an upgrade from investment firm B. Riley.
Semiconductor manufacturing company Advanced Energy (AEIS) shares fell more than 8.5% after it reported second-quarter results that slightly topped estimates and issued a third-quarter outlook that was mixed.
For the upcoming quarter, Advanced Energy (AEIS) expects sales to be $415M, plus or minus $15M, with earnings, excluding one-time items, at $1.13 per share, plus or minus 20 cents.
Analysts were expecting $419.28M in revenue and $1.11 per share in adjusted earnings.
Cirrus Logic (NASDAQ:CRUS) shares rose more than 5% after it topped first-quarter estimates and issued second-quarter guidance that was above expectations.
For the coming period, Cirrus Logic (CRUS) expects sales to be between $430M and $490M, with the mid-point above the $437.2M estimate.
Microchip Technology (MCHP) shares fell more than 7.5% after it reported in-line results for the second-quarter and issued a tepid outlook.
The Chandler, Arizona-based semiconductor company expects second-quarter sales to be between $2.22B and $2.31B, with the consensus estimate of $2.28B. Adjusted earnings are forecast to be between $1.60 and $1.64 per share, with the mid-point right at the $1.62 per share estimate.
Synaptics (NASDAQ:SYNA) shares erased earlier losses and rose 0.5% after it issued a weaker-than-expected outlook, despite strong fourth-quarter results.
The company expects sales to be between $215M and $245M, with the mid-point between the $242.8M estimate.
Qualys (NASDAQ:QLYS) shares gained nearly 3.5% after it topped estimates for the second-quarter and boosted its full-year earnings guidance.
The company now expects adjusted earnings to be between $4.50 and $4.65 per share, with GAAP earnings between $3.07 and $3.22 per share. 
Power Integrations (POWI) stumbled and dropped more than 6% after it issued third-quarter guidance that was below forecasts.
Third-quarter revenues are expected to be $130M, plus or minus $5M, below the $150M estimate. Adjusted gross margins are expected to be approximately 54%, while operating expenses are forecast to be roughly $43.5M.
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