International Rectifier Falls 7.6% on J.P. Morgan Downgrade

International Rectifier

(IRF)

was down 7.6% in late afternoon.

J.P. Morgan

reduced the chipmaker to market perform from buy as part of a downgrade of the sector. Semiconductor stocks were already lower on downgrades and the disclosure by

Altera

(ALTR) - Get Report

that distributors' sales of its chips failed to meet expectations in October.