Earnings season began with a thud in tech land (I, II), as lower guidance from chip maker...


Earnings season began with a thud in tech land (I, II), as lower guidance from chip maker Microchip Technology (MCHP -12.8%) and equipment maker Novellus (NVLS -11.3%) sinks the semiconductor sector (SMH -3.3%). S&P sees signs that "excess chip inventories may be building up in the electronics supply chain, which in turn could hurt semiconductor device demand down the road."
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