On August 18, Qualcomm fell 3.04% in regular trading, trading at $157.24/share, with turnover of $385 million. The decline came amid a broad semiconductor sector selloff triggered by notable investor Michael Burry publicly announcing a short position on the semiconductor sector through large purchases of iShares Semiconductor ETF put options, dampening market sentiment significantly.

Adding to the bearish pressure, Appaloosa Management disclosed in its Q2 13F filing a reduction in its Qualcomm holdings. The sector experienced collective selling, with Micron Technology down 7.36%, Intel down 7.38%, Advanced Micro Devices down 5.70%, Broadcom down 3.51%, and NVIDIA down 2.62%.

On the fundamental side, Qualcomm reported Q3 fiscal year results showing net profit declining 25% year-over-year to $2 billion, while Q4 earnings guidance fell short of expectations. The company continues to face headwinds from accelerating Apple revenue loss, surging memory costs, and a 20% drop in handset revenue. Multiple investment banks have cut price targets to a range of $165-$215, with firms including UBS, Mizuho, Bank of America, and HSBC all issuing downgrades in recent weeks.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)