Morgan Stanley analyst Craig Hettenbach lowered his estimates ahead of Broadcom's earnings report but he is making additional cuts following the report and the company's 8% lowering of its FY19 revenue guidance due to weaker demand. Huawei is roughly a 4% customer, so the negative outlook is "above and beyond" the impact from just that company, said Hettenbach, whose negative near-term view on the business is balanced by the company's "industry leading margins." He keeps an Equal Weight rating on Broadcom, which is down 9.5% in pre-market trading to $255 per share.