Rough Start for Chip Stocks
SAN FRANCISCO -- Semiconductor stocks began the new year with a dud, thanks to a slew of downgrades from a Wall Street analyst.
The downgrades dragged down the entire semi sector, with the Philadelphia Stock Exchange Semiconductor Sector Index slipping 3% to 395 -- its lowest level in 16 months.
The news follows weak monthly sales data from the Semiconductor Industry Association on Monday, in which global chip sales posted the lowest sales growth in at least five years.
Cramer: Ignore the Semi Downgrades
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