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STMicro tumbles on worse than expected guidance cut



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** Shares in STMicroelectronics STMPA.PA (STM) drop around 10% to their lowest since December 2022 after the chipmaker cut its full-year 2024 outlook for the second time

** If losses hold, shares will see their worst day in over three years

** Stifel says in a note it believed the cut was expected but "the magnitude is slightly higher than feared"

** J.P.Morgan says a new sequential cut in guidance could mean the worst is over for the company

** "The key question is, given the company's very significant sequential cuts, will the market will believe that the worst is over?," the broker says in a note

** JPM adds that it will depend on the end market datapoints in automotive, which declined over the quarter

** Stock is second-biggest loser on France's CAC 40 index .FCHI

** Peer Infineon IFXGn.DE falls 7%



Reporting by Nathan Vifflin

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