On June 2, Monolithic Power Systems declined 3.46% overnight, trading at $1,489.04/share, with trading volume of approximately $877,200.
On the news front, the broader semiconductor sector weakened collectively, with Micron Technology falling 2.11%, Advanced Micro Devices declining 2.38%, Intel dropping 1.77%, and NVIDIA slipping 0.92%, creating significant sector-wide drag on the stock. The decline extends profit-taking pressure that emerged on June 1, when the stock surged as much as 6.81% in pre-market trading on power management IC price hike expectations before reversing to close down 3.1% during regular trading.
MPS issued a price increase notice in March and plans to further expand its repricing scope in July, alongside similar moves from Texas Instruments and NXP. However, following the stock's rapid ascent from approximately $1,512 in late May to highs near $1,672, technical selling pressure has continued to weigh on shares in the near term.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments