KLA-Tencor Slides 1.7% on Downgrade; Others Affected
KLA-Tencor
(KLAC) - Get KLA Corporation Report
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
Applied Materials
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(AMAT) - Get Applied Materials Inc. Report
, which was off 2.2%;
Lam Research
(LRCX) - Get Lam Research Corporation Report
, down 1% and
Advanced Energy Industries
(AEIS) - Get Advanced Energy Industries Inc. Report
, down 1.5%. The stocks had been lower early in the session but were recovering.
