Microchip Technology stock slides 2.45% and underperforms rivals
Updated
Updated · MarketWatch · May 7
Microchip Technology stock slides 2.45% and underperforms rivals
9 articles · Updated · MarketWatch · May 7
Shares closed at $99.09 on Friday, their second straight loss, as the S&P 500 rose 0.84% and the Dow Jones Industrial Average edged up 0.02%.
The stock finished 4.02% below its 52-week high of $103.24 set on May 6, while AMD jumped 11.44%, Applied Materials gained 6.04% and Analog Devices rose 1.96%.
Trading volume reached 18.3 million shares, well above its 50-day average of 9.5 million, after Thursday's 1.30% decline had ended a six-day winning streak.
With record earnings and a stellar forecast, why did Microchip's stock suddenly fall, ending its winning streak?
As Microchip rides the AI boom, does its CEO's stock sale signal that the company's best days are already priced in?