A Dip In Chips?
Chipmakers in the U.S. are getting beaten up on Wall Street these days. Since October, the Philadelphia Stock Exchange's semiconductor index has plunged more than 30%, largely on fears that Asia's financial El Nino will wreak havoc in Silicon Valley. On Jan. 21, Texas Instruments Inc. provided fresh evidence of profit pressures when it reported lower-than-expected earnings due to plunging prices during late 1997 and warned that Asia's woes would "put pressure" on the company's first-quarter results.
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