U.S. premarket trading showed broad weakness in memory-chip-related stocks on July 16, according to market data from BIT (bit.com). SK Hynix ADR fell about 5%, leading the losses in the group. SanDisk and Western Digital were both down about 4%, while Seagate Technology slipped about 3%. Taiwan Semiconductor Manufacturing Co. (TSMC) fell about 2% after releasing second-quarter results earlier in the day. The company posted strong earnings, but it also raised its capital spending outlook for the next three years. Separately, South Korea announced tighter rules on chip-focused leveraged exchange-traded funds, raising minimum margin requirements and banning the launch of new single-stock leveraged products. The moves came as storage-chip-related shares traded lower before the U.S. market open.
Memory-chip-related stocks were broadly lower in U.S. premarket trading on July 16, according to market data from BIT (bit.com).
SK Hynix ADR fell about 5%. South Korea on the day announced higher minimum margin requirements for chip leveraged ETFs and banned the listing of new single-stock leveraged products.
TSMC was down about 2% after reporting second-quarter earnings earlier in the day. The company posted strong results, while also raising its capital spending outlook for the next three years.
Elsewhere in the sector, SanDisk fell about 4%, Western Digital dropped about 4%, and Seagate Technology was down about 3%.
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