Chip roundup: GlobalFoundries, Astera Lab rise on earnings; Cirrus Logic, Navitas fall

Semiconductor stocks were mixed on Tuesday ahead of the results of the U.S. presidential election, while several companies in the sector reported quarterly results.

GlobalFoundries (NASDAQ:GFS) shares rose 12% in early trading after the foundry reported better-than-expected results for the third-quarter and offered up a forecast for the fourth-quarter was better-than-expected. Taiwan Semiconductor (TSM), which competes with GlobalFoundries, was up 2.3% in early trading.

Astera Labs (ALAB) soared 28% on Tuesday as the company is benefiting from the artificial intelligence spending boom, as evidenced by its third-quarter results and guidance. Several investment firms raised their price targets on the newly public company.

Cirrus Logic (NASDAQ:CRUS) shares fell 7% after the specialty chipmaker offered up a weaker-than-expected forecast for its fiscal third-quarter. The company expects sales to be between $480M and $540M, with the midpoint of $510M below the $592.62M estimate.

Navitas Semiconductor (NVTS) shares fell 4.5% on Tuesday after it offered up weaker-than-expected third-quarter results and guidance for the coming quarter.

NXP Semiconductor (NXPI) shares fell 6% in early trading after it said that the analog and industrial areas of the semiconductor market remain weak, echoing comments made by competitors Texas Instruments (TXN) and STMicroelectronics (STM). Texas Instruments shares were down 0.5%, while STMicroelectronics rose 1.5%.

Qualcomm (NASDAQ:QCOM) shares rose 0.5% despite getting a price target cut from J.P. Morgan ahead of its fourth-quarter results, slated to be released on Wednesday after the close of trading.

Silicon Laboratories (NASDAQ:SLAB) shares fell 3.3% — and paired some of its premarket decline — after the semiconductor company offered up weaker-than-expected guidance.

Microchip (MCHP) shares fell 0.7% ahead of its fiscal second-quarter results, set to be released after the close of trading. Analysts expect the company will earn $0.43 per share on $1.15B in revenue.

Several large chip companies, such as AMD (AMD), Nvidia (NVDA), Intel (INTC) and Broadcom (AVGO) were higher in early trading.