Micron and other chipmakers declined again Friday.

Not an 'I told you so' moment, per se, but on Friday the markets sold off in earnest, confirming my worries from yesterday. The Dow fell 2.34%, or 574 points to 23,855, while the S&P 500 fell 2.2% and the Nasdaq dropped 2.3%.

The chipmakers took it on the chin again as Micron (MU - Get Report) led the way down, taking Texas Instruments (TXN - Get Report) , Intel (INTC - Get Report) and others with it. A positive for the industry is that the dip could open a window for all that M&A we talked about in year-enders and forecasts for 2018. Something that the big boys could take advantage of. Xilinx Inc. (XLNX - Get Report) , which makes programmable logic processors, competes with Intel's Altera and is often mentioned as a target for Broadcom (AVGO - Get Report) , saw its shares close down Friday. Other takeout targets cited by TheStreet's sister publication, The Deal, including Mellanox Technologies (MLNX - Get Report) , ON Semiconductor (ON - Get Report) and Skyworks Solutions (SWKS - Get Report) , all closed down. As did Jim Cramer's 2018 M&A pick,Integrated Device Technology (IDTI - Get Report) . Not that M&A is a sound reason to invest in a stock, but for those willing to take the gamble there could be payout ahead, especialy if you can get in the right price (see 5 times P/E multiple for Micron).

General Electric (GE - Get Report) capped off a busy week for the activist and corporate governance beat at The Deal and TheStreet. Two influential proxy advisory firms recommended that 136-year-old industrial giant should replace KPMG as its auditor after accounting issues have led to federal probes at the company. ISS, and Glass Lewis urged shareholders to vote against keeping Big Four auditor KPMG as GE's outside auditor, according to reports published this week. Just another day for Boston-based GE, which just can't seem to catch a break of late. As for the rest of the week in governance and activism, we took on a number of stories, including developments of Rent-A-Center's (RCII - Get Report) ongoing sale process and Bill Ackman's need for a portfolio refresh.

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Photo of the day: Not Your Mother's Secret

Sales at Victoria's Secret, the L Brands Inc. ( LB - Get Report) unit known for its sexy lingerie and A-list models, are falling amid signs that the company is promoting products that many women don't find appealing, and is operating out of shopping malls they don't care to visit. The death of the catalog and the rise of fast fashion has led to a 5.5% year-over-year sales decline in January accompanied by a an 18% decline in the stock of L Brands over the last 12 months. The 40-plus-year-old company was founded in San Francisco by Roy and Gaye Raymond after Roy experienced embarrassment shopping for lingerie for his wife in a department store. The Victoria's Secret catalog retained a strong presence from the company's founding into the early internet age but has recently lost its cache. The early iterations of L Brands acquired Victoria's Secret in 1982. Read More

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Join conference host Jim Cramer and a stellar lineup of speakers at the Corporate Governance conference on June 7, 2018 in NYC. DOJ Antitrust Asst. Attorney General Makan Delrahim, Paul Singer, Nelson Peltz and Chairman and CEO of Macy's, Jeff Gennette will be on hand to discuss methods for managing companies to maximize shareholder value. Register today. Deal clients have special pricing; for more details contact your account manager.