Chip stocks plunged Friday, as a JP Morgan analyst downgraded market leader Intel Corp. on concerns over slowing orders and high inventory levels.
Analyst Christopher Danely downgraded Intel from "Overweight" to "Neutral." He said he was increasingly concerned about a possible correction to inventory levels for personal computer components. He also noted growth limitations in the microprocessor market.
Microprocessors are found in all personal computers and control the logic of almost all digital electronics, from clock alarms to video players.
Intel shares fell $2, or 8.1 percent, to close at $22.67. They have traded in the last …
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