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iPhone Fears Ripple Through Chip Chain
Shares of several semiconductor companies in Apple’s [AAPL] supply chain dropped over concerns about slower demand for the iPhone 16 series. Broadcom [AVGO], Skyworks Solutions [SWKS], Qorvo [QRVO] and Cirrus Logic [CRUS] fell 5% or more following a report of lower-than-expected pre-order shipments, Seeking Alpha detailed. Qualcomm [QCOM] dipped 1.4%, while Micron [MU] lost nearly 4% after Morgan Stanley said that memory market supply has caught up with demand.
Intel Cuts Costs, Signs Deal
The US chipmaker [INTC] has announced cost-cutting and restructuring plans, including pausing chip plant projects in Germany and Poland for two years. The halt on the €30bn Magdeburg plant is a setback for Germany, which had touted the project as a flagship foreign investment. Intel also intends to reduce or exit around two-thirds of its global real estate by year-end. Meanwhile, Intel’s foundry has secured a contract to supply Amazon’s [AMZN] cloud services unit with custom artificial intelligence chips, Reuters reported.
MSFT Dividend Up
Microsoft [MSFT] announced a quarterly dividend of $0.83 per share, marking a 10.7% increase from the previous $0.75 dividend, Bloomberg reported. The forward yield stands at 0.77% and the dividend is payable on December 12 to shareholders of record as of November 21. Additionally, Microsoft’s board has approved a new share repurchase program, authorizing up to $60bn in buybacks.
Is a Smartsheet Sale Imminent?
Vista Equity Partners and Blackstone [BX] are reportedly in advanced negotiations to acquire Smartsheet [SMAR] in a deal that may value the collaboration software company at nearly $8bn. This potential acquisition follows earlier reports of interest in Smartsheet, with its shares having surged over 16% since July. Both firms are in discussions with direct lenders to secure financing for the takeover, according to Reuters, although terms could still change.
Cancer Drug Progress
AstraZeneca [AZN] and MSD [MRK] reported progress in treating advanced bladder cancer and a form of breast cancer using their checkpoint inhibitors, Imfinzi and Keytruda. Data from studies published in the New England Journal of Medicine and presented at the European Society for Medical Oncology meeting showed these drugs can harness the immune system to combat tumors. This approach provides new hope for patients with cancers resistant to traditional treatments like chemotherapy or radiotherapy
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