Apple (AAPL) chip suppliers Broadcom (AVGO) and Cirrus Logic (CRUS) were among the companies getting a boost Thursday from upbeat iPhone 7 preorder reports.
Audio chipmaker Cirrus Logic saw its shares spike on news that Apple sold out of its initial production run of iPhone 7 Plus and jet-black model iPhone 7 handsets ahead of their launch Friday. Cirrus stock popped 7.6% to close at 55.17 on the stock market today, reversing from a recent decline in higher volume and touching a nearly 21-year high that it last touched on Sept. 2.
Communications chipmaker Broadcom ended 2.1% higher at 172.72 Thursday. Broadcom stock hit its record high of 179.42 on Aug. 30 and it is back above its 50-day moving average, in a possible buy area.
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Investment bank Nomura on Thursday cut its price target on Broadcom stock to 180 from 200, but reiterated its buy rating.
Other chip stocks jumping on Apple iPhone 7 news include Analog Devices (ADI), InvenSense (INVN), NXP Semiconductors (NXPI), Skyworks Solutions (SWKS) and Qorvo (QRVO).
Analog Devices and Qorvo are forming new bases. Skyworks and InvenSense are recovering from deep corrections. NXP tried to clear an 89.20 buy point but has fallen back into the base.
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