Sector Wrap: Apple suppliers slump

Apple suppliers fall after Cirrus guidance leads to concerns about Apple product sales

Associated Press

NEW YORK (AP) -- Shares of companies that supply parts to Apple Inc. fell Wednesday after a company that makes chips used in the iPhone and iPad said revenue will slow down in the first quarter of 2013.

Cirrus Logic Inc. said sales of a particular chip have slowed down because a customer is moving to a newer component. Cirrus makes chips used in audio and energy products, and while it does not disclose customer names as a matter of policy, it's widely known that Apple is its biggest customer.

Shares of Apple slumped about 6 percent on the news and traded Wednesday at their lowest prices since December 2011.

Apple doesn't comment on announcements from its suppliers or disclose product plans. It is scheduled to report its first-quarter results Tuesday.

Cirrus shares lost $3.30, or 15.4 percent, to $18.11 in afternoon trading.

Elsewhere:

— Nam Tai Electronics Inc. fell 51 cents, or 4.1 percent, to $11.89.

— Broadcom Corp. shares lost $1.45, or 4.2 percent, to $32.52.

— Skyworks Solutions Inc. shares gave up 96 cents, or 4.4 percent, to $20.68.

— Avago Technologies Ltd. stock retreated $2.18, or 6.3 percent, to $32.40.

— LG Display Co. stock shed 52 cents, or 3.7 percent, to $13.60.

— Micron Technology Inc. shares skidded 48 cents, or 4.9 percent, to $9.39.

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