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Chip Stocks Post Biggest Advance, Silicon Motion Earnings
Description
Business and finance news from the Asia-Pacific.
Chip Stocks on Wall Street posted its biggest gain in more than a year. Amazon.com Inc. rose 9.5% after cloud-computing revenue accelerated for a fifth straight quarter, while Microsoft Corp. surged 16% after earnings, adding roughly $450 billion to its value, the most by any stock in a single day. Apple Inc. dropped more than 6% in extended trading as supply shortages hurt its sales forecast. We speak to Daniel Newman, CEO of The Futurum Group.
Plus - US-listed shares of Silicon Motion surged in New York trading, after the semiconductor device company reported second-quarter results that beat expectations and it gave a revenue forecast that is much stronger than expected. Bloomberg's Yvonne Man and David Ingles spoke to Jason Tsai, CFO of Silicon Motion.
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