Apple suppliers, Nasdaq futures sell off AH
- Apple suppliers aren't responding well to the tech giant's FQ1 report. Though Apple beat estimates on the back of higher iPhone ASPs (the result of a mix shift towards the 5S), iPhone units (51M) fell short of Street expectations (56M-57M), and the company's FQ2 revenue guidance is below consensus.
- Unsurprisingly Cirrus Logic (CRUS) is the biggest decliner: its shares are down 6.7% AH. Other decliners: QCOM -1.6%. BRCM -2.3%. SWKS -2.9%. AVGO -1%. TQNT -3.4%.
- Cirrus, believed to get over 70% of its sales from Apple, reports tomorrow. Qualcomm reports on Wednesday, and Broadcom on Thursday.
- Nasdaq-100 (QQQ) futures are down 0.8% in response to Apple's numbers.
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