On July 28, ARM Holdings declined 5.45% in regular trading, trading at $247.905/share, with turnover of $93.75 million. The drop was driven by a broad semiconductor sector rout combined with concentrated analyst target price cuts ahead of the company's earnings release scheduled for July 29 after market close.

The Philadelphia Semiconductor Index fell 4.7%, dragging the entire sector lower. Within the industry, Micron Technology dropped 6.89%, Intel fell 6.10%, Advanced Micro Devices declined 6.07%, SK Hynix lost 5.68%, and NVIDIA slipped 1.43%. Multiple sell-side institutions recently cut their price targets on ARM: Wells Fargo lowered its target from $410 to $350, UBS reduced its target from $470 to $360 while maintaining a Buy rating, and HSBC downgraded the stock from Buy to Hold with a revised target of $315. The proximity of the earnings window, with consensus expecting quarterly revenue of $1.262 billion (up 19.44% YoY) and adjusted EPS of $0.40, further amplified cautious sentiment and selling pressure.

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