For the Memory Chip Sector, a Day to Forget
For the memory sector, it is a day to forget.
Last night, SanDisk (SNDK) reported an extremely nasty June quarter earnings report–the Street has responded with a host of downgrades. Meanwhile, this morning, Citigroup chip analyst Glen Yeung cut his ratings on Micron (MU), Qimonda (QI) and Spansion (SPSN) to Hold from Buy. The result is that all of the stocks in the beleaguered sector are getting pummeled. Again.