Analog Devices Stock Sinks on Weak Outlook. It’s Bad News for Chip Stocks.

Analog Devices shares were sinking early on Wednesday after the chip manufacturer gave disappointing guidance. It’s a warning that sent jitters through the semiconductor sector.

Analog Devices was expected to report earnings of $2.52 a share on revenue of $3.10 billion according to a FactSet poll of analysts’ estimates. For its fourth quarter Analog Devices forecast adjusted earnings per share of $2.00, plus or minus 10 cents, and revenue of $2.70 billion, plus or minus $100 million. That was below analysts’ previous expectations of adjusted EPS of $2.40 on revenue of $3.01 billion, according to FactSet.

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