Why Skyworks Solutions Stock Tumbled on Thursday
Even by the awful standards of Thursday's market, Skyworks Solutions (NASDAQ: SWKS) was a dog of a stock. The specialty tech company's share price suffered a nearly 4% decline, nearly double the 2.1% drop of the S&P 500 index on the day. The direct reason was a discouraging development with the company's most important business partner.
It's only a slight exaggeration to say that when tech titan Apple (NASDAQ: AAPL) sneezes, Skyworks catches a cold. Apple is a major customer for Skyworks' radiofrequency (RF) solutions, which it packs into its ever-popular line of mobile devices. These days, Apple is responsible for a whopping 55% of its supplier's total revenue.
Source Fool.com
