Source: MarketWatch

Lam Research: Lam Research may not meet previously provided guidance, which it is withdrawing

Lam Research Corp. said it may not the financial guidance for its fiscal third quarter provided in late January, as the implementation of government orders prevents it from making products at its Livermore and Fremont, California facilities and from receiving parts from suppliers in Malaysia. The chip maker said given the disruptions and uncertainties resulting from the "shelter-in-place" order issued in California, and the Malaysian government's order to close certain businesses from March 18 through March 31, it is withdrawing its prior financial guidance for the quarter ending March 29. The stock, which rallied 2.9% in premarket trading, has tumbled 37.1% over the past month through Monday, while the PHLX Semiconductor Index has shed 33.6% and the S&P 500 has lost 29.4%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Based on data from Lam Research's latest SEC filings

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Based on data from Lam Research's latest SEC filings

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Tim Archer's photo - President & CEO of Lam Research

President & CEO

Tim Archer

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76/100

Lam Research designs and manufactures wafer fabrication equipment that allows companies to design and built smart microp... Read more