Shares in both Intel and Texas Instruments are down, after being downgraded by Merrill Lynch analyst Tom Kurlak Thursday. After Wednesday's earnings warning from National Semiconductor, the action suggests recent optimism about the near future for the semiconductor industry must be tempered by the continuing poor conditions for the industry.
The analyst downgraded his rating for Intel INTC to near-term neutral, from its previous rating of accumulate. Intel (company profile) shares were trading heavily, and the midday price of 86 13/16 was down nearly $3 from Wednesday's closing price.
TI's (company profile) stock price TXN was down almost $1.75, reaching 58 11/16 in the middle of the session. Kurlak's new rating for the company is long-term accumulate, down from his earlier position of long-term buy.