Qualcomm Inc (NASDAQ:QCOM) shares are trading lower by 1.75% to $122.24 Thursday afternoon. Shares of several semiconductor companies are trading lower in sympathy with Taiwan Semiconductor, which issued weak third-quarter and 2023 guidance.
Semiconductor stocks often move in tandem based on market sentiment and perceptions about the industry’s health. If TSM’s earnings disappoint, it could lead to negative sentiment towards the semiconductor sector, affecting Qualcomm and other related stocks. As has happened during Thursday’s session, investors may become more risk-averse and sell off their semiconductor holdings, causing a decline in Qualcomm’s stock price.
According to data from Benzinga Pro, QCOM has a 52-week high of $156.66 and a 52-week low of $101.47.
