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In spite of warning of a calendar Q3 revenue shortfall, Microchip (MCHP +1.6%) is trading higher...

In spite of warning of a calendar Q3 revenue shortfall, Microchip (MCHP +1.6%) is trading higher today. Moreover, in spite of Microchip's status as an industry bellwether, chip stocks are among the day's big winners (SOXX +2.1%). Chip stocks have underperformed the Nasdaq over the last month, leading some bad news to be priced in. Also, Jefferies' comments about iPhone 5 builds seem to be giving a lift to Apple suppliers.
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