Why ASML Stock Is Falling Today

ASML Holding N.V. ASML shares are trading lower in sympathy with Taiwan Semiconductor, which issued weak third quarter earnings and 2023 guidance.

What To Know: Taiwan Semiconductor reported quarterly earnings of $1.14 per share, versus the analyst consensus estimate of $1.08, a 26.45% decrease over earnings of $1.55 per share from the same period last year. The company reported quarterly sales of $15.68 billion, versus the analyst consensus estimate of $15.49 billion, a 13.66% decrease over sales of $18.16 billion the same period last year.

The company also issued an outlook for the third quarter, with revenue estimated between $16.7 billion and $17.5 billion, gross profit margin between 51.5% and 53.5%, and operating profit margin between 38% and 40%.

Wells Fargo analyst Joseph Quatrochi maintained ASML Holding with a Overweight and raised the price target from $775 to $800.

Related Link: Sales Of Johnson & Johnson Esketamine Drug Spravato Rise Nearly 100% Year Over Year

ASML Price Action: Shares of ASML were down 5.63% at $675.48 at the time of publication, according to Benzinga Pro.

Image by Dan Williams from Pixabay