Ultra Clean down 19% due to soft guidance

• Though it slightly beat Q1 EPS estimates and posted nearly in-line revenue, Ultra Clean (NASDAQ:UCTT) has guided for Q2 revenue of $112M-$117M and EPS of $0.00-$0.03, well below a consensus of $127M and $0.14.
• The company blames "short term reductions in semiconductor equipment spend by several of the major chipmakers." Intel and TSMC have both slashed their capex budgets over the last week. However, Lam Research has posted strong numbers in spite of the cuts (and led several peers to rally in response).
• Craig-Hallum and Northland Securities have downgraded Ultra Clean to neutral ratings. Shares are ~$0.25 above a 52-week low of $5.26.
• Q1 results, PR