Shares of Skyworks Solutions Inc. SWKS, -2.79% are off 2.6% in midday trading Wednesday after the company updated its outlook for the June-ending quarter, citing fallout from the U.S. government’s ban on sales to Huawei Technologies Co. Ltd. "Skyworks ceased all shipments to Huawei and its affiliates as of the date Huawei was added to the Entity List and cannot currently predict if and when shipments will resume," the company said, in lowering its fiscal third-quarter revenue outlook to $755 million to $775 million. The company had previously forecast $815 million to $835 million in revenue when it last reported earnings, in early May. In a note titled "Huawei Strikes Again," Raymond James analyst Chris Caso said that "direct Huawei impact" appears to be reflected in Skyworks’ share price following the updated outlook, but he argued that it’s too soon to call a bottom given "continued market uncertainty and worries about the strength of the upcoming iPhone cycle." Skyworks shares have fallen 23% over the past months, as the S&P 500 SPX, +0.46% has dropped 4.4%.
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