was down 1.7% in late morning after
Morgan Stanley Dean Witter
downgraded it and three other major chip companies to outperform from strong buy, due to concerns about low capital spending in the semiconductor industry.
Also affected by the downgrade were
, which was off 2.2%;
, down 1% and
Advanced Energy Industries
, down 1.5%. The stocks had been lower early in the session but were recovering.