FBR's Craig Berger makes a bearish call on chip stocks just as earnings season begins to ramp....

FBR's Craig Berger makes a bearish call on chip stocks just as earnings season begins to ramp. Texas Instruments (TXN -1.6%) is downgraded to Underperform, and estimates are cut for ATML, LLTC, MXIM, NVDA, and ONNN. Regarding TXN, Berger worries Q3 revenue guidance could miss Street estimates, and that 2013 estimates could also be at risk. A struggling wireless chip business, excess capacity, and a relatively high valuation are named as concerns. (Nomura)