Fairchild Shares Slip After Citi Removes From List

NEW YORK (AP) — Shares of chip maker Fairchild Semiconductor International Inc. slipped Thursday after Citi Investment Research took the company off its "Top Picks Live" list, pointing to a sharp rise in stock price over the past few months.

Shares fell 61 cents, or 5.6 percent, to $10.28 in afternoon trading.

Citi analyst Terence Whalen reiterated a "Buy" rating on the South Portland, Maine-based company in a note to investors Thursday. He said Fairchild looks like the best stock for investors betting on a recovery among suppliers of analog chips, which are used in digital music players and other consumer gadgets.

But he dropped the stock from the top picks list "to preserve gains ahead of a potentially more volatile" couple of quarters.

Whalen noted the share price is up about 70 percent since the company was added to the list in May. He suggested taking another look at the stock if volatility in the sector pushes the shares down.