Bank of America, INTC, LSI, MRVL, TXN, MCHP, MXIM, NSM, POWI Popular Stocks
U.S. stocks traded lower Thursday, as the Dow Jones Industrial Average lost 145 points to 10281, the S&P 500 fell 19 points to 1091 and the Nasdaq Composite Index dropped 44 points to 2150.
Bank of America (NYSE:BAC, $16.10, -$0.25, -1.53%) Merrill Lynch downgraded chip stocks saying inventory levels are close to overshooting demand. “While we see limited risk to near-term estimates,” firm says, “we think the longer this persists the greater the risk of a correction in the supply chain.” Downgraded to neutral were Intel Corp. (NASDAQ:INTC, $19.10, -$1.02, -5.06%), LSI Corp. (NYSE:LSI, $5.50, -$0.20, -3.51%), Marvell Technology Group Ltd. (NASDAQ:MRVL, $15.14, -$0.95, -5.90%) and Texas Instruments Inc. (NYSE:TXN, $24.81, -$0.94, -3.65%). Cut to underperform were Microchip Technology Inc. (NASDAQ:MCHP, $25.45, -$1.32, -4.93%), Maxim Integrated Products Inc. (NASDAQ:MXIM, $17.29, -$0.94, -5.16%), National Semiconductor Corp. (NYSE:NSM, $13.72, -$0.66, -4.59%) and Power Integrations Inc. (NASDAQ:POWI, $33.86, -$1.17, -3.34%).
Related Posts
