In what could be a sign chip stocks have more than priced in their fill of bad news, Freescale (FSL +0.5%), a pretty diversified chipmaker, has closed higher in spite of being hit with a downgrade to Neutral from JPMorgan. The firm notes Freescale has rallied 55% from its Nov. bottom (shares are still well below their 52-week high), and thinks "persistent weakness" in automotive, networking, and industrial chip sales will lead to just 3% revenue growth in 2013. CEO Gregg Lowe provided a cautious outlook on chip demand last month.
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