Electric & Autonomous Vehicles News - 02/18/2020 - Views: 320

Stocks making the biggest moves midday: Apple, Legg Mason, Virgin Galactic, Tesla and more

Shares of the iPhone maker fell 1.8% after Apple said that it does not expect to hit its quarterly revenue forecast due to lower iPhone supply globally and lower Chinese demand amid the coronavirus outbreak.

Qorvo, Broadcom, Micron, Intel, Skyworks Solutions, Lam Research — Apple’s suppliers and partners dipped following the iPhone maker’s revenue warning due to the coronavirus epidemic in China. Qorvo, a radio frequency chip supplier for Apple, fell 2.6%. Skyworks Solutions, fell 1.9% and Lam Research ticked 4.1% lower. Other chip suppliers like Broadcom, Micron and Intel, fell 2.2%, 1.3% and 1.7 %, respectively.

Franklin Resources, Legg Mason — Legg Mason spiked 24.4% after Franklin Resources announced it offered to acquire Legg for $50 per share in cash. The announced deal, which has put Legg Mason stock on track for its best day since 2008, would combine two of the largest so-called active managers in the U.S. and create a $1.5 trillion investment juggernaut. Franklin shares rose a more sober 7% in light of the deal.