Chip stocks underperform (SOXX -1.8%) thanks to an Intel downgrade, negative PC commentary, and...
Jul 8 2013, 13:24 ET
Chip stocks underperform (SOXX -1.8%) thanks to an Intel downgrade, negative PC commentary, and worries about Samsung's light profit forecast. Citi's Glen Yeung, who just cut his Intel estimates and pulled Qualcomm (QCOM -1.7%) from his firm's Top Picks Live list, notes smartphone penetration in developed markets (where high-end sales are concentrated) has hit 75%, and frets about a "lack of new, innovative features" in high-end phones. SWKS -3.4%. MRVL -2.9%. SMTC -3%. AVGO -3.1%. ADNC -4.3%. SNDK -2.4%. TQNT -2.4%. ATML -2.5%. TSM -3.2%. Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG. (SIA sales data)