ARM (ARMH -8.2%) dives in response to CEO Warren East's cautious remarks about 2H demand, and a downgrade to Sell from Deutsche. The firm is worried about the impact of declining smartphone baseband and app processor prices (it thinks declining Android phone prices will drive chip prices lower), as well as Intel's (NASDAQ:INTC) growing presence in the smartphone and tablet CPU markets. Nonetheless, Deutsche sees ARM processors going into 30% of 2020 notebooks and servers.