EarningsBeats.com Digest for July 21, 2021
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Will Recently Raised Guidance Matter For This Semiconductor?
Silicon Motion Technology Corp (SIMO) upped its revenue guidance on Thursday, July 8th and promptly gapped higher from its July 7th close of 61.21. One week later, SIMO touched 66.62, representing an 8% rally following that raised guidance. Since that time, however, our major indices have seen considerable selling and the Dow Jones U.S. Semiconductors Index ($DJUSSC) has fallen from a high of 7583.04 to Monday's low of 6949.09. As a result,
SIMO's raised guidance has now seemingly been forgotten:
SIMO reports its quarterly results on Thursday, July 29th after the market closes. I can't imagine that SIMO will disappoint when it reports, considering that it just raised guidance less than two weeks ago. So the current selling appears to be overdone and I'd look for SIMO to bounce from its current price. If it does continue to falter, I'd look for the double bottom at 56-57 to provide great support, along with gap support from early
February near 54-55. Did last week's selling and Monday's gap lower present an amazing short-term opportunity? We're going to find out as SIMO's earnings date approaches.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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