Stocks Fall on Semiconductor Downgrade
Stocks Fall on Semiconductor DowngradeStocks Fall on Semiconductor Downgrade
Monday July 12, 1:17 pm ET
By Michael J. Martinez, AP Business Writer
Semiconductors Push Stocks Lower As Investors' Enthusiasm for Upcoming 2Q Earnings Wanes
NEW YORK (AP) -- An analyst downgrade of the semiconductor sector weighed heavily on technology shares Monday, pushing stocks lower as investors' enthusiasm for upcoming second quarter earnings waned.
Merrill Lynch cut its rating on the entire sector from "overweight" to "underweight," citing lower-than-expected demand for both personal computers and corporate hardware. The firm also downgraded Intel Corp. a day before it was due to release its earnings.
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