Intel Corp (INTC)

[VeeCee]

There is down grade to the whole semi but Intel leads the pack. Citi downgraded the whole sector
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SAN FRANCISCO (MarketWatch) -- Intel Corp. intc led a downswing in the chip sector on Monday morning following a bearish note on the group from Citigroup. In a report, analyst Glen Yeung cut his estimates on Intel and took Qualcomm qcom off the broker's Top Pick's list, citing saturation in the high-end smartphone market for his latter move. Regarding Intel, Yeung wrote that despite the company's efforts to get into more mobile products, "we find it difficult to believe Intel shares will breakout to the upside in light of the poor PC environment and negative estimate revisions," maintaining a hold rating on the stock. Intel shares fell 2.8% while rival AMD amd fell 1.8% and Qualcomm slipped by 0.7%. The Philadelphia Semiconductor Index fell nearly 1% in early trades . Micron mu shares were down more than 2.7% despite Citi leaving the memory chip maker on its Top Picks list.