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The semiconductor sector was under pressure Wednesday after Microchip Technology (MCHP)  provided a third-quarter outlook that missed Wall Street expectations due to what it said was trade-war uncertainty. 

The Chandler, Ariz., company's outlook is worse than its peers, according to a Cowen note, but that hasn't stopped investors from selling off some big names in the sector. 

Three Action Alerts PLUS stocks -- Marvell Technology (MRVL) , Lam Research (LRCX) and Nvidia (NVDA)  -- are all falling sharply following Microchip Tech's announcement. 

Analysts at Cowen affirmed a market-perform rating on Microchip Tech while lowering its price target by a dollar to $89. Cowen was one of the only firms to take a bearish turn on the stock, however. 

Raymond James maintained its strong-buy rating and $115 price target, stating that it is actually "more comfortable" due to "channel inventory near a historic low, much more reasonable expectations and management commentary no longer pointing to a bonanza."

Morgan Stanley raised its price target on Microchip Technology to $90 from $84 due to factors like positive inventory trends and a pickup in the October business. 

Citi raised its price target to $109 from $104 while affirming a buy rating. The firm sees strong EPS growth going forward, despite the weaker-than-expected outlook. 

Nvidia shares at last check were down 1.3% Wednesday, while Lam Research fell 1.7% and Marvell declined 1.8%. Microchip Tech shares dropped 5.6% to $94.45.

Marvell, Lam Research and Nvidia are key holdings in Jim Cramer's Action Alerts PLUS charitable trust