UMC drops on JPMorgan downgrade

• JPMorgan has downgraded UMC (NYSE:UMC -2.8%) to Neutral ahead of the foundry's April 29 Q1 report.
• The downgrade comes 6 days after UMC reported March sales of NT$12.7B ($407M), which in turn implied Q1 revenue of NT$37.65B ($1.2B). It also comes shortly after larger rival TSMC provided light Q2 sales guidance (as expected) to go with a Q1 EPS beat.