Why Stocks of Smartphone Suppliers Crashed Last Month
Many stocks with connections to the smartphone market fell hard in March. According to data from S&P Global Market Intelligence, communications chip designer Qualcomm (NASDAQ: QCOM) dropped 13.6%, while phone-screen glass maker Corning (NYSE: GLW) took a 13.9% haircut, and screen technology researcher Universal Display (NASDAQ: OLED) lost 17%.
By comparison, iPhone maker Apple (NASDAQ: AAPL) recorded a milder 7% drop in March.
The first three companies all supply parts to iPhone manufacturing lines, and they often amplify the larger company's market moves. The dark cloud hanging over the smartphone market in March was the COVID-19 pandemic.
Source Fool.com
