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Spreadtrum (SPRD -10%) gets downgraded to Neutral by JPMorgan following its Q3 report, which...

Spreadtrum (SPRD -10%) gets downgraded to Neutral by JPMorgan following its Q3 report, which featured soft gross margin data. The firm thinks monthly shipments of smartphones featuring Spreadtrum's baseband chips will peak in November due to the end of China Mobile's (CHL) 2012 3G phone procurement program, and that CHL's 2013 procurement plan might not arrive until after the Chinese New Year. JPMorgan also cautions Spreadtrum's dual-core chips might not begin shipping until April. (transcript)
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