Microchip Technology Lowers Earnings Outlook (MCHP)


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Semiconductor manufacturer, Microchip Technology Inc. ( MCHP ) adjusted their previously predicted revenue for their second quarter.

The company originally stated that their expected revenue would be between $412 million and $430 million, but they have changed this estimate to between $407 million and $408 million.

Chief Executive Steve Sanghi commented, "The overall global economic outlook continues to be poor and is adversely impacting our business as well as the rest of the semiconductor industry,"

At Mondays closing, shares of MCHP had fell as much as 5 percent to $30.53.

The company plans to announce its second quarter results on November 8.

Microchip Technology shares were up 49 cents, or 1.55% during premarket trading Tuesday.

The Bottom Line
Shares of Microchip Technology ( MCHP ) have a 4.35% dividend yield, based on last night's closing stock price of $32.20. The stock has technical support in the $28-$30 price area. If the shares can firm up, we see overhead resistance around the $34-$35 price levels.

Microchip Technology Inc. ( MCHP ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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