Producers of metals, grains and other raw materials fell sharply amid fears that war in the Middle East would foreshadow a new stagflationary era.
The SPDR Select Sector Materials exchange-traded fund, which tracks the materials industry group of the S&P 500, fell 2%, trimming gains for the year to date to 8%.
Shares of glass and fiber maker Corning fell sharply, compounding losses from Thursday sparked by comments from Broadcom Chief Executive Hock Tan. Tan talked down the near-term potential of a switch to fiber from copper for some networking infrastructure at data centers.
Hock E. Tan is a businessperson who has been at the head of 13 different companies and currently is President, Chief Executive Officer & Director at Broadcom, Inc. and Chief Executive Officer & Director at Broadcom Corp., Chief Executive Officer for PLX Technology, Inc., President & Chief Executive Officer of Avago Technologies Pte Ltd., Chief Executive Officer at Avago Technologies U.S., Inc. and Chief Executive Officer for Broadcom Broadband Access Ltd. (which are all subsidiaries of Broadcom, Inc.).
In the past Mr. Tan held the position of Managing Director at Pacven Investment Ltd., Vice President-Finance of Commodore International Ltd., Principal at PepsiCo, Inc., Chairman of Integrated Device Technology, Inc., President & Chief Executive Officer at Emulex Corp., President & Chief Executive Officer for Brocade Communications Systems LLC, President, Chief Executive Officer & Director at Avago Technologies Ltd., President & Chief Executive Officer & Director at Broadcom Pte. Ltd., President & Chief Executive Officer at Integrated Circuit Systems, Inc. and Managing Director at Hume Concrete Sdn. Bhd.
Hock E. Tan received an MBA from Harvard University and an undergraduate degree and a graduate degree from Massachusetts Institute of Technology.
Broadcom Inc. specializes in designing, developing, and selling analog components and sub-systems, with mixed and optoelectronic signals. The group's products include power amplifiers, radio-frequency filters, encoders, optocouplers, fiber-optic transmitters and receivers, etc.
Net sales break down by market between semiconductors (57.7%) and infrastructures (42.3%).
Net sales are distributed geographically as follows: Americas (29.6%), Asia/Pacific (56.2%), and Europe/Middle East/Africa (14.2%).
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Investor
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Global
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ESG MSCI
ESG MSCI
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