Chip Stocks Extend Worst Rout in Decade as Slowdown Fears Mount
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This month’s rout in semiconductor stocks is now on pace to be the worst in a decade after disappointing guidance from Texas Instruments Inc.
Texas Instruments, which has the largest number of customers and the broadest product range in the chip industry, warned that demand is slowing across many of its markets. That was bad news for investors who had already seen anxieties about a sales slowdown erase about 10 percent from the Philadelphia Semiconductor Index in October. The index fell another 2.3 percent at 9:52 a.m. in New York and is now on track for its biggest monthly decline since November 2008.