MONEY: U.S. chipmakers may give clues on China hazard.
Upcoming quarterly scorecards from Intel, Texas Instruments (TXN.O) and other chipmakers, as well as Ford Motor (F.N), will shed light on whether Apple made a convenient excuse for its own troubles or revealed a strengthening headwind faced by global companies that rely on China for a big chunk of their sales.
“They should give us a good gauge of what is happening in China beyond smartphones because Texas Instruments is mostly industrials and autos, and Intel is PCs and servers, and they’re not being driven by the Apple smartphone situation,” said Daniel Morgan, a portfolio manager at Synovus Trust Company in Atlanta.
Underscoring Wall Street’s sensitivity to China trade, stocks surged on Friday after a report that China has offered to go on a six-year buying spree to ramp up U.S. imports in order to reconfigure the relation between the two countries.
Interesting times.